Turnaround at New York & Co could boost shares: Barron's
NEW YORK (Reuters) - A turnaround at women's retailer New York & Co Inc (NWY.N) could propel its stock price 40 percent over the next 18 months, according to an article in financial weekly Barron's.
The turnaround that began two years ago, under then-new Chief Executive Officer Greg Scott, included changing its merchandise, closing underperforming stores, boosting marketing, slashing costs through cheaper sourcing and tightening inventory control, Barron's said in its April 15 edition.
The company also is looking to increase sales of higher-profit clothing through its e-commerce platform and outlet stores, Barron's said.
This could lead to rising operating margins over the next 18 months, Barron's said.
Shares of New York & Co closed at $4.24 Friday on the New York Stock Exchange. Over the past 12 months, its shares traded as high as $4.70 and as low as $3.09.
(Reporting by Ilaina Jonas; Editing by Maureen Bavdek)
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