Omnichannel strategy lifts New York & Company

New York & Company Inc. says a stronger focus on omnichannel is helping the retailer increase traffic in its stores and sales online.

“The overall quarterly results also were driven by the expansion of our omnichannel capabilities leading to significant growth in e-commerce and by increased traffic marking our fifth consecutive quarter of improved traffic growth,” said Gregory Scott, CEO, New York & Company “We also commenced the implementation of major strategic initiatives that are expected to drive significant efficiencies and cost savings for our company, providing us with a stronger platform from which to implement our growth plans.”

The retailer reported that for the third quarter ended Aug. 1, net sales rose 4% to $235.7 million from $226.1 million. Same store sales improved 3.8%.net loss of $146 million, compared to $147 million the same period the previous fiscal year.

During the third quarter of fiscal year 2015, the company expects to open approximately two New York & Company stores, three new outlet Stores, remodel two New York & Company existing locations, and convert three New York & Company locations to outlet stores, ending the quarter with 509 stores, including 82 Outlet stores.

Looking ahead, New York & Co. expects net sales and same-store sales to increase by a low to mid-single-digit percentage in the third quarter of fiscal 2015.