New York & Co. Plummets 24% (Updated)

New York & Company(NWY Quote) is waiting for shoppers to catch on.

Despite merchandise improvements and cost-cutting initiatives, the women's apparel retailer swung to a loss in the first-quarter, sending shares tumbling more than 24% in afternoon trading.

The women's apparel retailer recorded a loss of $4.9 million during the quarter, or 8 cents a share, in-line with analysts' expectations. This compares with a profit of $6.7 million, or 11 cents, in the year-ago period.

Sales dropped 14% to $232.9 million from $270.1 million last year. Same-store sales sank 15%. ...