UPDATE 1-New York & Co posts Q1 loss, shares tumble

* Q1 loss $0.08/shr vs profit $0.11/shr last year

* Q1 same-store sales drop 15 pct

* Sees similar trends in Q2

* Shares fall 23 pct

May 21 (Reuters) - New York & Co Inc (NWY.N) posted a first-quarter loss and a 15 percent drop in same-store sales, and said it expects a similar trend in the second quarter, sending the women's-apparel chain's shares down 23 percent.

For the first quarter ended May 2, the company reported a net loss of $4.9 million, or 8 cents a share, compared with a profit of $6.7 million, or 11 cents a share, a year ago.

Revenue fell 14 percent to $232.9 million.

Analysts on average expected New York & Co to post a loss of 8 cents a share, before special items, on revenue of $240.5 million, according to Reuters Estimates.

"As we look ahead, the environment remains challenging and while we believe our assortments are fashion right, we continue to see customers reluctant to purchase at regular price," Chief Executive Richard Crystal said in a statement.

The company's shares were trading down 91 cents at $3.66 Thursday morning on the New York Stock Exchange.

For alerts, please double-click [ID:nWNAS6576] (Reporting by Santosh Nadgir in Bangalore; Editing by Anne Pallivathuckal)