New York & Company CEO Gregory Scott is pleased with the company’s holiday performance. The operator of 514 stores has navigated through what it called a challenging retail environment to build on the momentum it generated in the first three quarters of the year.
Comparable-store sales for the nine-week period ended Jan. 4 increased 1%. Additionally, the specialty apparel chain narrowed its outlook for the 13-week fourth quarter ending Feb. 1.
The company detailed that with several weeks remaining in the quarter it now expects fourth quarter operating income to range between $5 and $6.5 million, which is at the midpoint to higher end of its previously issued guidance range of $3 million to $7 million. Additionally, the company expects inventory to be in-line with the guidance it previously disclosed in its third quarter press release dated Dec. 4, 2013.
“Our ability to deliver positive comparable store sales, continued improvement in merchandise margins, and projected fourth quarter operating income well within our guidance is a strong validation of our six keys to success. We look forward to continuing our positive performance in 2014,” said Scott.
The company also confirmed that it will be meeting with analysts and investors and presenting at the ICR XChange Conference in Orlando, Fla., this week.