Aug 26 (Reuters) - New York & Co Inc (NWY.N) posted a second-quarter loss in line with market estimates as it cut costs and tightly managed inventory to contend with the weak sales climate, and the women's apparel chain said it will no longer provide specific sales and earnings outlook.

City Style Pleated Strapless Print Dress from New York & Co - Photo: www.nyandcompany.com

The company, which expects to save $175 million pre-tax in five years on a raft of cost-saving measures announced in January, said selling, general and administrative expenses fell 13.3 percent on an average store basis.

The retailer also said it sees same-store sales trends improving over the third and fourth quarters, on easier year-over-year comparisons, strong merchandising and appropriate levels of inventory.

For the second quarter ended Aug. 1, the New York City-based company posted a net loss of $4.8 million, or 8 cents a share, compared with a profit of $8.8 million, or 14 cents, last year.

Net sales at the company, which caters to working women with moderate incomes, fell 16 percent to $247.8 million, with same-store sales falling 16.4 percent.

Inventory per average store declined 10.9 percent on a year-over-year basis.

Shares of the retailer, which sells apparel, jewelry and accessories, closed at $4.76 Tuesday 25 August on the New York Stock Exchange. (Reporting by Abhishek Takle in Bangalore; Editing by Deepak Kannan)