By
Reuters
Reuters
Published
Nov 4, 2010
Nov 4, 2010
New York & Co sees Q3 profit on higher margins; shrs up
By
Reuters
Reuters
Published
Nov 4, 2010
Nov 4, 2010
New York & Co. |
New York & Co forecast earnings of 1-3 cents a share, which includes a gain of 6 cents a share due to certain non-operating adjustments.
Analysts on average were expecting a loss of 20 cents a share, before items, according to Thomson Reuters I/B/E/S.
New York & Co said customer response to its fall product offerings has been "positive," but it sees the retail environment remaining highly promotional going forward.
Third-quarter same-store sales rose 3.6 percent, said the company, which has a market value of about $194 million.
On Thursday, several U.S. retailers reported October same-store sales above Wall Street expectations, helped by unique merchandise and cheap prices.
New York & Co's shares, which have gained more than half of their value since it reported second-quarter results in August, were up 46 cents at $3.70 in Thursday morning trade.
The stock touched a 5-month high of $3.85 earlier in the session and was among the top percentage gainers on the New York Stock Exchange.
(Reporting by NR Sethuraman in Bangalore; Editing by Anne Pallivathuckal)
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