New York & Company Inc. (NWY) reported second-quarter net loss of $4.83 million or $0.08 per share, compared to profit of $8.78 million or $0.14 per share in the same quarter of last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.08 per share. Analysts' estimates typically exclude special items.
Net loss from continuing operations for the second quarter was $4.8 million or $0.08 per share, compared to prior year net income from continuing operations of $8.6 million, or $0.14 per share.
Net sales for the quarter were $247.8 million, compared to $295.7 million for the second quarter of fiscal year 2008. Four analysts had consensus revenue estimate of $248.10 million for the quarter.
Comparable store sales for the second quarter decreased 16.4%, compared to a 2.2% decrease in the prior year second quarter.
The comparable store sales trend for the third and fourth quarters is expected to improve versus the trend experienced during the first half of fiscal year 2009 reflecting the easing of year-over-year comparisons, strong merchandising initiatives and appropriate levels of inventory.
Cash-on-hand at the end of the year is expected to be comparable to the cash balances at the end of last year, reflecting no cash drain during an extremely difficult year.
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