New York & Co. swings to loss in Q4, hones focus on outlet business
Los Angeles — New York & Co. reported Thursday a loss of $10.9 million in the fourth quarter, compared with net income of $14.9 million a year earlier.
Sales dropped to $271.8 million, from $303.2 million in the same quarter last year, missing Wall Street’s expected $275 million in revenue. Same-store sales fell 6.3%.
Looking ahead, the retailer said it expects to open 11 outlet locations and one full-price store in the first quarter of 2012, as well as
remodel four existing locations, and close two stores, ending the first quarter of fiscal year 2012 with 542 stores.
For fiscal 2012, New York & Co. said it plans to open 15 to 20 new stores, remodel 10 to 15 existing locations, and close between 25 and 30 stores, ending the year with between 517 to 527 stores, including 41 to 46 Outlet stores.
Forever 21 teams with Accertify toward fraud prevention
Chicago — Fraud prevention and risk management provider Accertify said Thursday that Forever 21 will deploy its fraud prevention solution, customized to the retailer’s e-commerce business.
Forever 21 said it is growing its online presence internationally and turned to Accertify, an American Express company, to process and decrease risk in Forever 21’s online transactions.
“With Accertify managing our fraud prevention program, we will be able to redeploy our resources to further enhance our customer’s online shopping experience, including customer service,” said Beth Jain, controller at Forever 21.
The Accertify platform is designed to integrate a complete e-commerce program, allowing merchants to process online transactions, minimize fraud risks, and manage payment disputes and measure outcomes.
Dollar General appoints executive VP store operations
Goodlettsville, Tenn. — A former Safeway executive has joined Dollar General as its executive VP store operations.
Effective March 19, Greg Sparks will assume all responsibilities for the operations of more than 9,900 retail stores in 38 states and serve on Dollar General’s real estate and store development committee, the company said. Sparks will report to chairman and CEO Rick Dreiling.
Sparks most recently served as president of Safeway’s Seattle division. His departure from the supermarket retailer was announced earlier this week.