New York & Company, Inc. (NWY) Reports Lower Guidance For The Second Quarter
New York & Company, Inc. announced that the company’s expected loss for the second quarter of fiscal 2010 would be higher than was predicted at the previous guidance update given in May 2010. New York & Company, Inc. said that the bigger loss was due to current trends of flat comparable store sales, higher promotional discounting and higher operating expenses, including buyer and occupancy costs. The company also expects selling, general and administrative expenses to increase by 300 basis points due to greater investment in the store base. New York & Company, Inc. reported a net loss from continuing operations…