New York & Company posts Q4 profit

New York -- New York & Company reported net income for the fourth quarter of $10.5 million, compared with a net loss in the prior year fourth quarter of $10.9 million.



Net sales for the quarter were $291.8 million, up from $271.8 million in the year-ago period. Same-store sales increased 2.3%.



Gregory Scott, New York & Company’s CEO, stated: “We capped fiscal year 2012 with solid fourth quarter results that included increased sales, positive comparable store sales, significant gross margin expansion and a dramatic improvement in our operating results.”



In fiscal 2012, the company opened 18 new outlet stores, remodeled 13 existing stores, and closed 31 locations, ending the year with 519 stores.



For the full year, New York & Company said net income was $2.1 million, compared with a net loss of $38.9 million for fiscal year 2011.



Net sales for the year were $966.4 million compared with net sales of $956.5 million for fiscal year 2011.



Same-store sales increased 0.1% versus a decrease of 3.3% in fiscal year 2011.



For fiscal year 2013, the company expects to open between eight to 12 outlet stores, remodel 10 to 15 existing locations, and close between 30 and 36 stores, ending the year with between 491 and 501 stores.