Women’s apparel chain New York & Co. Inc. raised its guidance Friday after reporting that second-quarter profits more than doubled, lifted by retooled promotional strategies and cost cutting.
The New York-based company posted net income of $8.8 million, or 14 cents a diluted share, for the quarter ended Aug. 2, compared with profits of $3.5 million, or 6 cents, for the year-ago period. Same-store sales fell 2.2 percent compared with a 4.9 percent jump a year ago. Total sales rose 3.8 percent to $295.7 million from $285 million. Analysts expected earnings per share of 9 cents on revenue of $283.6 million, according to Yahoo Finance.
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