New York & Company posts Q4 profit
New York — New York & Company reported net income for the fourth quarter of $10.5 million, compared with a net loss in the prior year fourth quarter of $10.9 million.
Net sales for the quarter were $291.8 million, up from $271.8 million in the year-ago period. Same-store sales increased 2.3%.
Gregory Scott, New York & Company’s CEO, stated: “We capped fiscal year 2012 with solid fourth quarter results that included increased sales, positive comparable store sales, significant gross margin expansion and a dramatic improvement in our operating results.”
In fiscal 2012, the company opened 18 new outlet stores, remodeled 13 existing stores, and closed 31 locations, ending the year with 519 stores.
For the full year, New York & Company said net income was $2.1 million, compared with a net loss of $38.9 million for fiscal year 2011.
Net sales for the year were $966.4 million compared with net sales of $956.5 million for fiscal year 2011.
Same-store sales increased 0.1% versus a decrease of 3.3% in fiscal year 2011.
For fiscal year 2013, the company expects to open between eight to 12 outlet stores, remodel 10 to 15 existing locations, and close between 30 and 36 stores, ending the year with between 491 and 501 stores.
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Starbucks in Groupon deal
New York — Starbucks Coffee Company on Friday offered an online coupon though Groupon Inc., Bloomberg reported. It is the first time the chain has had a Groupon offering.
For $5, customers received a printable gift card to use in Starbucks’ stores for $10, according to the report.
Canadian Tire opens a digital lab
Toronto — Canadian Tire has opened a digital development lab in Communitech, a start-up incubator that is home to some 100 startups and small businesses along with such “strategics” partner companies as Google Inc. and Intel Corp.
Communitech supports tech companies at all stages of their growth and development in the commercialization of innovative technologies.
Canadian Tire will have five full-time employees on site in Communitech and is working in dedicated space within the facility’s ‘hub’ to improve the shopping experience online and in-store for customers using ‘next in class’ advancements in digital technology.
"Canadian Tire has decided that digital is – and will be – a core strategic differentiator in retail," said Marco Marrone, COO for Canadian Tire, which operates more than 1,700 stores under various banners in Canada. "We have been on a digital journey for several years now — and it is clear that to succeed we need strong capabilities in digital and technology. Our Communitech partnership puts us deep inside the smartest brain trust in Canada and will deliver the ‘next in class’ thinking that we need to lead the retail industry and deliver a better customer experience. We have built an internal team and our app lab will explore and deliver consumer applications that support our digital vision."
Canadian Tire is the largest
Canadian Tire is the largest retailer in the country. Retail operations include Canadian Tire, the core retail and automotive service operation, Canadian Tire Petroleum, men’s, women’s, and work apparel retailer among others. - Carmack Moving and Storage