Sales for the third quarter of fiscal year 2009 decreased 8.4%, compared to a 14.0% decline in the previous year third quarter. Net loss from ongoing operations for the third quarter of fiscal year 2009 was $6.3 million, or $0.11 per diluted share, and included a non-operating charge of approximately $0.01 per diluted share associated to the restructure of the Company’s real estate group. This compares to a net loss from continuing operations in the pervious year of $8.0 million, or $0.13 per diluted share, which incorporated a previously disclosed, non-operating charge of approximately $0.03 per diluted share related to management changes.
Although there may continue to be challenges, New York & Company believes that through promotional activity, which will accelerate through the holiday selling period, things will start too look up for the company. Appropriate planning has been in place which gives the company hope to end the fiscal year 2009 with significant cash and no borrowings under its revolving credit facility.
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About New York & Company, Inc.
New York & Company, Inc., founded in 1918, is a leading specialty retailer of fashion oriented, moderately priced women’s apparel. The Company currently operates 592 stores in 44 states.
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