New York & Co reports decline in Q3 comparable and net sales

REPORT_ For the third quarter ended November 2, 2014, New York & Co reported net sales of 210.3 million dollars, as compared to 217.6 million dollars for the third quarter, last year. Comparable store sales decreased 3.4 percent, as compared to an increase of 3 percent for the third quarter of fiscal year 2013. Gross profit as a percentage of net sales decreased 80 basis points versus the prior year period.

Commenting on the results, Gregory Scott, New York & Company’s CEO, stated, “Our third quarter operating loss was ahead of our revised guidance; nonetheless we are disappointed to not meet our original expectations reflecting a soft performance in our wear-to-work category, and the impact of product delays and increased costs related to the labor issues at the West Coast ports. During the quarter, we initiated a comprehensive review of our business processes and organizational structure to identify business improvement strategies and cost saving opportunities.”