Eva Mendes celebrated this week the launch of her spring collection for New York & Company's with two events in L.A. Mendes joined fashion editors and bloggers for a party at New York & Company's new Beverly Center popup location, and again at the retailer’s Los Cerritos Center location, in Cerritos, Calif.
"To have the opportunity to personally meet the women who I have designed my collection for is inspiring to me and is an experience I truly appreciate,” said Mendes. “These in store events engaging with real women are one of the many reasons I got into the fashion industry and partnered with New York & Company to make women look great and feel good."
This is Mendes’ first spring collection with NY&C. Price points for separates in the collection are $46.95, $59.95 and $64.95, while dresses start at $79.95. Accessories are in the $22.95 through $35.95 range.
"We are thrilled to announce the opening of our new pop-up shop in the Beverly Center, and even more excited to give our customers the opportunity to meet Eva,” said CEO Greg Scott. “Eva has really connected with the NY&C woman, which is why we know this event will be so special."
The specialty apparel chain with 507 retail stores also has activities cooking on the East Coast. The company has signed a 16-year lease to relocate its corporate headquarters to approximately 180,000 rentable sq. ft. at 330 West 34th Street, in New York, by the end of 2014. Vornado Realty Trust is in the process of completing a full renovation of the building. Planning and design of the new headquarters site is already underway.
“We are pleased that our new lease provides us with a smaller, more efficient, and cost effective alternative versus renewing the lease in our current location,” said Scott about the move. “Our new corporate headquarters will provide us with a modern space to house New York & Company’s business and brand, and provide us with a platform for future growth. Our new headquarters is in close proximity to our existing fashion district location and, while it is smaller than our current facility, it will feature an open work environment that will foster even closer collaboration among our associates, and provide creative space for design and product presentations. Our new 16-year lease demonstrates our confidence in the long term future success of New York & Company. We look forward to the many opportunities that will result from our new headquarters and believe this facility will serve us well for many years to come.”
News of the move comes on the heels of the company’s fourth quarter and full year results. Net sales for the 13-week period ended Feb. 1 were $271 million versus net sales of $291.8 million for the 14-week period ended Feb. 2, 2013, which includes a previously recorded benefit of $4.3 million. Comparable store sales increased 1.2% as compared to an increase of 2.3% in the prior year fourth quarter. The company operated 23 fewer stores during the quarter compared to the prior-year quarter.
“We are pleased that our fourth quarter operating results exceeded the high end of our previously issued guidance driven by positive comparable store sales and expansion in merchandise margin, while continuing to control our operating expenses,” said Scott regarding the company’s financial results. “These results marked the eighth consecutive quarter of improved operating performance versus prior year periods, on an adjusted basis. We also continue to be pleased with our growth initiatives in e-commerce and outlets. We ended the year with a strong balance sheet, which positions us well as we begin 2014.”
Moving forward, the company plans to remain focused on driving the topline and comparable store sales growth in each channel of its business, particularly as it leverages its new e-commerce platform and fully realizes its omnichannel capabilities.
Although the first quarter began softer than the company anticipated, it has much of the spring season still ahead with significant traffic-driving events planned. Therefore, it anticipates net sales for the first quarter to decrease slightly versus last year. This includes the impact of 12 fewer stores in operation since the first quarter of fiscal year 2013. Comparable store sales are expected to be approximately flat versus the prior year period.