Home / Knowledge / News / Apparel/Garments / Apparel retailer Cache expects sales to dip in Q3 FY'12
Apparel retailer Cache expects sales to dip in Q3 FY'12
08
Oct '12
Cache Inc., a specialty chain of women’s apparel stores announced estimated third quarter fiscal 2012 sales results and updated third quarter earnings guidance for the 13-week period ended September 29, 2012. The Company expects to report full results for the third quarter the week of November 12, 2012.

Net sales for the third quarter of fiscal 2012 are expected to be approximately $45.8 million, a decline of approximately $2.9 million from net sales of $48.7 million in the third quarter of fiscal 2011.

Comparable store sales declined approximately 3% following a comparable store sales increase of 5.7% in the third quarter of fiscal 2011. Net loss per share for the third quarter of fiscal 2012 is currently expected in the range of $0.39 to $0.41.

This compares to a net loss per diluted share of $0.14 in the third quarter of fiscal 2011. The Company’s balance sheet remains strong; the Company expects to have ended the third quarter with cash and marketable securities of approximately $17 million with no funded debt.

Inventory at quarter end is expected to be flat with last year a marked improvement from the 21% increase reported at the end of the second quarter of fiscal 2012.

The Company also announced that it has retained the firm of Berglass+Associates to assist in the search for a President, Chief Merchandising Officer. In addition, during the quarter, the Company implemented a cost reduction program, which is expected to generate $3 million in annualized savings in fiscal 2013.

Thomas Reinckens, Chairman and Chief Executive Officer, commented: “While we expected our third quarter performance to be negatively impacted by increased promotional activity to clear our summer sportswear assortment, sales of our early fall offerings were equally challenging, lacking the fashion that our customers expect from Cache. This led to the revision to our third quarter guidance.”

“We recognize more work needs to be done to bring about consistency in our sales performance and return our Company to profitability and positive sales growth. In the near term, we are focused on identifying a President and are working aggressively to re-balance our sportswear assortments.

“We also intend to seek to capitalize on up-trending areas of our business such as dresses and our e-commerce channel. At the same time, we are implementing a cost savings program that we expect will generate $3 million in annualized savings in fiscal 2013.

“We remain confident that we are taking the right steps to improve our near term performance and return our Company to long term sustainable growth.”

Cache is a nationwide, mall-based specialty retailer of sophisticated sportswear and social occasion dresses targeting style-conscious women who have a youthful attitude and are self-confident. The Company currently operates 262 stores, primarily situated in central locations in high traffic, upscale malls in 42 states, the Virgin Islands and Puerto Rico.

Cache Inc


Must ReadView All

ITC, ICS tie up to help Moroccan textile value chain

Textiles | On 21st Apr 2018

ITC, ICS tie up to help Moroccan textile value chain

The International Trade Centre (ITC) has partnered with ICS, which...

Bangladesh garment manufacturers call for fair pricing

Apparel/Garments | On 21st Apr 2018

Bangladesh garment manufacturers call for fair pricing

Bangladesh garment manufacturers want a ‘commensurate adjustment’ by...

Pak ministry proposes extension to PM package for 2018-19

Textiles | On 21st Apr 2018

Pak ministry proposes extension to PM package for 2018-19

Pakistani textile ministry has reportedly proposed extending the...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

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

Leave your Comments


April 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search