FINANCE

New York & Co. narrows loss in Q1

BY CSA STAFF

New York City — New York & Co. reported Thursday a loss of $3.7 million in the first quarter, compared with a loss of $4.9 million a year ago.

Sales rose to $239.4 million from $237 million. Same-store sales increased 2.5%.

The company said it expects to close eight stores and remodel six existing locations, ending the second quarter of fiscal year 2011 with 545 stores, including 24 outlet stores.

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FINANCE

Wet Seal profit soars in Q1

BY CSA STAFF

Foothill Ranch, Calif. — The Wet Seal reported Thursday that net income for the quarter ended April 30 rose to $8 million, compared with $3.1 million a year earlier.

Revenue rose to $156 million from $137.8 million. Same-store sales increased 7%.

Wet Seal said it expects eight net new store openings in 2011, with six net openings at Wet Seal and two at Arden B.

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STORE SPACES

J.C. Penney to increase Energy Star certifications to 400 stores

BY CSA STAFF

Plano, Texas — J.C. Penney Co. announced Thursday that it will up its participation in the Environmental Protection Agency’s Energy Star program to 400 stores by the end of 2013. Energy Star certification is awarded to buildings that rank within the top 25% of similar commercial buildings nationwide by meeting strict energy performance levels set by the EPA.

J.C. Penney has a companywide goal to reduce facility energy use 20% by 2015.

"We’ve made strong progress toward our 2015 energy reduction target and now we’re taking our energy conservation efforts to the next level by doubling our Energy Star commitment from 200 to 400 certified stores by encouraging greater associate involvement and investing in energy efficiency improvements," said Mike Theilmann, group executive VP.

Improvements planned for 2011 include lighting retrofits for 240 stores, installation of 45,000 energy efficient LED accent lamps and expanding its advanced metering technologies to 165 facilities, which provides daily reports of electricity usage to help identify opportunities for substantial savings.

Last year, the company invested more than $12 million in the installation of high-efficiency lighting, advanced metering technologies as well as HVAC systems throughout its stores and supply chain units.

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