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New York & Co. plans cost cuts after tough Q3
An increase in selling, general & administrative (SG&A) expenses helped increase net loss at New York & Company Inc. to $9.7 million in the third quarter of fiscal 2014, up from $3.4 million a year earlier.
Net sales declined 3% to $210.6 million from $217.3 million, and same-store sales dropped 3.4%. New York & Co. cited soft performance in its wear-to-work category and the impact of product delays resulting from West Coast port labor issues as negatively impacting sales.
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New York & Company makes traffic investment
New York & Company has devised an interesting sweepstakes-based approach to ensure customers are lined up when its stores open at 6 p.m. on Thanksgiving Day.
The operator of more than 500 stores said the first 200 shoppers to enter its stores beginning at 6 p.m. on Thanksgiving will be entered to win $100,000 in the company’s first ever Win Big in New York sweepstakes. In addition to the $100,000 grand prize winner, each store will also have one $500 prize winner.