New York & Co. posts Q4 loss

New York City New York & Co. reported Thursday that it lost $27.4 million in the fiscal fourth quarter as sales fell and it absorbed a hefty restructuring charge.

The specialty apparel retailer said it started a cost-control program, which includes trimming capital expenditures to $15 million from $45 million, that will likely result in $30 million of savings in 2009.

It did not provide a full-year forecast, citing current economic conditions.

Sales dropped 10% to $325.1 million, below Wall Street's estimate of $329.8 million. Same-store sales declined 10.9% in the quarter.

New York & Co. posted a full-year loss of $19.8 million, compared with a loss of $4.9 million in the previous year.

Annual revenue fell to $1.14 billion from $1.19 billion a year earlier. Yearly same-store sales dropped 8.6%.

New York & Co. said it expects break-even earnings from continuing operations for the first half of the fiscal year and a first-quarter loss in the high single-digit range.

While New York & Co. currently runs 589 retail stores, it said it expects to end the year with 577 to 582 stores. The company plans to close 10 to 15 stores, open three new stores and remodel three existing sites.