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New York & Company grows net income in Q4, moves HQ
New York – New York & Company grew its net income during the fourth quarter of fiscal 2013 11% to $6.9 million, from $6.2 million. Net sales fell 7% to $271 million from $291.8 million and same-store sales climbed 1.2%.
New York & Company attributed its improved net income to expense controls and increased merchandise margin. The company also cited the 53rd week in fiscal 2012 as affecting its negative net sales growth.
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Nordstrom delays Rack debut in Canada until 2017
New York -- Nordstrom Inc. is delaying the opening of its Nordstrom Rack chain in Canada until 2017, in order to focus its attention on the launch of its full-line department stores there, The Globe and Mail reported.
Nordstrom had initially planned to start opening Rack stores in Canada next year. But the company has decided to focus on the openings of its six Canadian department stores (the first, in Calgary, is due to open this fall).