NY & Co. reports sales and profit drops

New York City New York & Co. announced Thursday a first-quarter net loss of $4.9 million compared with a prior-year net income of $6.7 million. Sales were $232.9 million, as compared with $270.1 million. Comp-store decreased 15.0%, compared with a 6.6% decrease in the prior-year first quarter.

Richard P. Crystal, chairman and CEO, stated: “While our first quarter results were in line with our expectations and included solid progress toward achieving our merchandising, expense and inventory-management goals, our top-line sales performance was disappointing.”

He added that the company is on track to achieve its cost-cutting plans but has tempered expectations for the second quarter. Crystal said the company plans to open three new stores, remodel four existing locations, and close 10 to 15 stores during fiscal 2009.