New York & Company, Inc. Announces Significantly Improved Second Quarter 2012 Operating Results

The Company anticipates total inventory levels at the end of the third quarter of fiscal year 2012 to be down by a low single digit percentage versus the prior year reflecting continued reductions in product costs. The retail value of on-hand inventory per average store is expected to be approximately flat.

While the Company expects to utilize its credit facility for certain seasonal working capital needs, it expects to end the year with no borrowings under its credit facility and no long-term debt.

Capital expenditures are expected to be approximately $8.0 million for the third quarter of fiscal year 2012, as compared to $3.5 million in the prior year. Depreciation expense for the period is estimated at $9.0 million.

The Company expects to open two new Outlet stores, remodel six existing locations and close one store, ending the third quarter of fiscal year 2012 with 538 stores, including 43 Outlet stores.

The Company expects to report its third quarter fiscal year 2012 results during the last week of November, following the Thanksgiving holiday weekend.

Conference Call Information

A conference call to discuss the second quarter of fiscal year 2012 results is scheduled for Thursday, August 16, 2012 at 4:30 pm Eastern Time. Investors and analysts interested in participating in the call are invited to dial 888-487-0361, referencing conference ID number 6488422, approximately ten minutes prior to the start of the call. The conference call will also be web-cast live at www.nyandcompany.com. A replay of this call will be available until midnight on August 26, 2012 and can be accessed by dialing [phone] and entering conference ID number 6488422.

About New York & Company, Inc.

New York & Company, Inc. is a leading specialty retailer of women's fashion apparel and accessories, and the modern wear-to-work destination for women, providing perfectly fitting pants and NY Style that is feminine, polished, on-trend and versatile—all at an amazing value. The Company's proprietary branded New York & Company® merchandise is sold exclusively through its national network of retail stores and eCommerce store at www.nyandcompany.com. The Company currently operates 537 retail stores in 43 states. Additionally, certain product, press release and SEC filing information concerning the Company are available at the Company's website: www.nyandcompany.com.

Forward-looking Statements

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