New York&Co. reports 2nd-quarter loss

NEW YORK (AP) — Apparel maker New York&Co. on Wednesday reported a fiscal second-quarter loss, but results matched analyst expectations.

Loss for the three months ended Aug. 1 totaled $4.8 million, or 8 cents per share, matching the average analyst expectation, as per a Thomson Financial survey. That compares with a profit of $8.8 million, or 14 cents per share, last year

Revenue fell 16 percent to $247.8 million from $295.7 million last year. Analysts expected revenue of $248.1 million.

Richard P. Crystal, New York&Company's chairman and CEO, said the company's results met internal expectations as the company lowered expenses and inventory.

Inventory per average store fell 10.9 percent while selling, general and administrative expenses fell 13.3 percent.

"Customers continue to be selective in their discretionary spending and remain focused on those purchases that deliver an outstanding value proposition," Crystal added.

Shares rose 13 cents, or 2.7 percent, to $4.89 during midday trading. The stock has traded between 82 cents and $12.12 over the past year.