Nov 20 (Reuters) - Women's-apparel chain New York & Co Inc forecast a fourth-quarter loss against analysts' expectation of a profit as more discounts hurt margins.

"We are still cautious as we begin the holiday season and are preparing for a highly promotional environment," CEO Richard Crystal said in a statement.

For the fourth quarter, it expects same-store sales to drop in the high single-digit range with lower gross margins.

The company, which on Thursday swung to a quarterly loss, said third-quarter results include a pretax charge of 3 cents a share related to a recent management change.

The company, which sells apparel, jewelry and accessories, said sales at stores open at least a year fell 14 percent in the quarter.

Shares of the company closed at $1.46 Wednesday on the New York Stock Exchange.

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