New York & Company grows net income in Q4, moves HQ

New York – New York & Company grew its net income during the fourth quarter of fiscal 2013 11% to $6.9 million, from $6.2 million. Net sales fell 7% to $271 million from $291.8 million and same-store sales climbed 1.2%.

New York & Company attributed its improved net income to expense controls and increased merchandise margin. The company also cited the 53rd week in fiscal 2012 as affecting its negative net sales growth.

In addition, in advance of the expiration of its existing headquarters lease, the company signed a 16-year lease to relocate its corporate headquarters. New York & Company plans to occupy approximately 180,000 rentable sq. ft. of space in 330 West 34th Street in New York City by the end of 2014. Vornado Realty Trust is in the process of completing a full renovation of the building. Planning and design of the new headquarters site is already underway

During the full fiscal year, the retailer swung to a net profit of $2.4 million from a net loss of $2.2 million in the preceding fiscal year. Net sales dropped 3% to $939.2 million, from $966.4 million. Same-store sales rose 1.1%.