New York & Co.'s loss widens in Q2

New York City New York & Co. said Thursday it posted a loss of $88.5 million in the period ended July 31, compared with a loss of $4.8 million in the year-ago period.

Excluding one-time charges related to exiting its five accessories concept stores as well as other items, the company's net loss was $29.3 million.

Revenue fell to $243.3 million, down from $247.8 million last year. Analysts expected revenue of $244.7 million.

Same-store sales declined 1.8% in the quarter.

In a statement, New York & Co. said that the second-quarter results were negatively affected by higher levels of markdowns to clear inventory.

The company said that it plans to open five to seven new stores, remodel four to six existing locations and close 25 to 33 stores, ending the year with about 555 to 561 stores.