Shopping Outlets Have Huge Impact on Retail Sales
New York & Company Beats Q2 Estimates on Outlet Conversions
Analysts were looking for break-even results at New York & Company, which recently converted 50 stores to New York & Company Outlet locations. In Q2, the company beat sales and earnings expectations on positive comps (up 0.3 percent) and omnichannel initiatives, and sales growth at the Eva Mendes and Jennifer Hudson lines.
“As we have said previously, we are committed to a comprehensive review of our entire real estate portfolio to improve profitability,” said John Worthington, COO. “To that end, in the first half of 2016, we opened one store, closed five and converted50 underperforming New York & Company stores to our outlet concept. As we move into the second half of the year and into 2017...
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