New York & Co. Q3 FY15 expenditures overshadow increases in net sales
Women’s fashion apparel retailer New York & Co. saw an increase in sales and reduced expenditure when compared to Q3 FY14, but saw a net loss of $5.3 million in the third quarter of fiscal year 2015.
The company also saw a $9.5 million increase in net sales at $219.8 million compared to the same period a year prior, representing the third consecutive quarter of growth for New York & Co.
While the company reported increases in net sales, its operating expenditures increased by $1.8 million. It also paid a $2.3 million settlement from a wage and hour class action lawsuit in California.
For Q4 FY15, the company anticipates a small increase in net sales and significant improvements in GAAP operating results, which reflect operating income ranging from $1 million to $3 million. Plans are in the works to increase total inventory by 2%-5% and to invest $5 million in information technology and e-commerce.
New York & Company, Inc. is a leading manufacturer and retailer of women’s apparel and accessories. Established in 1918, the company has been public since 2004 and is headquartered in NYC. New York & Co. strives to provide affordable and fashionable office attire for women. The company has 508 retail stores, as well as outlet stores and an e-commerce site.
Copyright © 2023 FashionNetwork.com All rights reserved.