Home / Knowledge / News / Apparel/Garments / Cache Inc: triples Q2 profit; a strong performance
Cache Inc: triples Q2 profit; a strong performance
19
Aug '11
Cache Inc, a specialty chain of women's apparel stores, reported results for the thirteen (“second quarter”) and twenty-six week periods (“first six months”) ended July 2, 2011.

For the 13-week period ended July 2, 2011:

• Net sales increased 6.5% to $60.3 million from $56.6 million in the second quarter of fiscal 2010. Comparable store sales increased 6.0%, which compares to an increase of 5.1% in the second quarter of fiscal 2010;
• Gross profit increased 10.4% to $27.5 million, or 45.7% of net sales from $24.9 million, or 44.1% of net sales in the second quarter of fiscal 2010;
• Operating income totaled $4.2 million, as compared to $1.4 million in the second quarter of fiscal 2010; and
• Net income totaled $2.8 million, or $0.22 per diluted share, as compared to net income of $897,000, or $0.07 per diluted share in the second quarter of fiscal 2010.

Thomas Reinckens, Chairman and Chief Executive Officer, commented: “We are pleased to report better-than-expected second quarter results continuing our favorable momentum from the first quarter. We believe our strong performance validates the success of the design, merchandising and sourcing process changes implemented last year and the focused execution of our team. This led to a 6% increase in comparable store sales following a 5% comparable store sales increase in last year's second quarter and a threefold increase in diluted earnings per share. Our comparable store sales increase was fueled by regular price selling, as we presented distinctive collections that resonated with our core customers and attracted new consumers to our brand. We ended the quarter with a strong balance sheet with $27 million in cash and marketable securities, with inventory below the prior year.”

“As we look ahead, we are optimistic about our ability to continue our positive performance,” Mr. Reinckens continued. “We see additional opportunity to further increase sales and margins, and utilize our improved tools to create stronger selling assortments. We also expect to benefit from increased conversion rates by optimizing customer service levels and our in-stock position. In total, we continue to expect fiscal 2011 to represent a strong year for Cache and deliver increased value for our stakeholders.”

For the 26-week period ended July 2, 2011:

• Net sales increased 6.9% to $112.4 million from $105.1 million in the first six months of fiscal 2010. Comparable store sales increased 6.8%, as compared to a decrease of 0.8% in the first six months of fiscal 2010;
• Gross profit increased 18.7% to $49.4 million, or 44.0% of net sales from $41.6 million, or 39.6% of net sales in the first six months of fiscal 2010;
• Operating income totaled $2.9 million, as compared to an operating loss of $5.2 million in the first six months of fiscal 2010; and
• Net income was $2.0 million or $0.16 per diluted share, as compared to a net loss of $3.2million or ($0.25) per diluted share in the first six months of fiscal 2010.

Must ReadView All

Apparel/Garments | On 5th Dec 2016

EC proposes new tax rules to support e-commerce in EU

The European Commission (EC) has unveiled a series of measures to...

Apparel/Garments | On 5th Dec 2016

Traders to intensify adoption of digital payments

Adoption of digital payments in their existing business format would...

Textiles | On 5th Dec 2016

US textile & apparel exports down 6.44% in Jan-Sept ’16

The exports of textile and apparel from United States were down 6.44...

Interviews View All

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search