NY & Co. reports sales and profit drops
New York City New York & Co. announced Thursday a first-quarter net loss of $4.9 million compared with a prior-year net income of $6.7 million. Sales were $232.9 million, as compared with $270.1 million. Comp-store decreased 15.0%, compared with a 6.6% decrease in the prior-year first quarter.
Richard P. Crystal, chairman and CEO, stated: “While our first quarter results were in line with our expectations and included solid progress toward achieving our merchandising, expense and inventory-management goals, our top-line sales performance was disappointing.”
He added that the company is on track to achieve its cost-cutting plans but has tempered expectations for the second quarter. Crystal said the company plans to open three new stores, remodel four existing locations, and close 10 to 15 stores during fiscal 2009.
Target 1Q EPS down 6.8%
MINNEAPOLIS Target reported net earnings of $522 million for the first quarter ended May 2, compared with $602 million in the first quarter ended May 3, 2008. Earnings per share in the first quarter decreased 6.8% to 69 cents from 74 cents in the same period a year ago. All earnings per share figures refer to diluted earnings per share.
“Our first quarter earnings per share reflect disciplined execution of our strategy in a difficult environment,” said Gregg Steinhafel, chairman, president and chief executive officer.
Retail sales increased 0.4% in the first quarter to $14.4 billion in 2009 from $14.3 billion in 2008, due to the contribution from new store expansion partially offset by a 3.7% decline in comparable-store sales.
Sam’s Club offering $15 memberships
BENTONVILLE, Ark. Sam’s Club has launched a $15 membership program for the summer. The special membership is available for purchase for a limited time between May 20 and June 7, during regular club hours and extends to new Advantage and Business members. Annual membership fees start at $35.
The membership program is part of Sam’s Club’s “100 Days of Summer” campaign promoting savings and tips for enjoying the summer season.