Home / Knowledge / News / Apparel/Garments / Apparel retailer Cache Q1 sales fall 4.5%
Apparel retailer Cache Q1 sales fall 4.5%
14
May '13
Cache, Inc., a specialty chain of women’s apparel stores, reported results for the thirteen week period ended March 30, 2013.

For the 13-week period ended March 30, 2013:

- Net sales decreased 4.5% to $53.5 million, from $56.0 million in the first quarter of fiscal 2012. Comparable store sales decreased 1.5%, which compares to an increase of 9.4% in the first quarter of fiscal 2012;

- Operating loss totaled $8.3 million, which included costs of $1.5 million associated with employee separation charges incurred, primarily due to the separation agreement with the former CEO, as well as severance for other corporate employees. This compares to an operating loss of $2.0 million in the first quarter of fiscal 2012;

- Net loss totaled $18.5 million, or $1.38 per share, which included a $10.2 million charge, or $0.76 per share, for an increase in the tax valuation allowance against net deferred tax assets and a $1.5 million charge, or $0.11 per share, in employee separation charge costs. This compares to a net loss of $1.2 million, or $0.09 per share, in the first quarter of fiscal 2012; and

- Adjusted net loss totaled $6.8 million, or $0.51 per share.

Jay Margolis, Chairman and Chief Executive Officer, commented: “Our first quarter results reflect our actions to intensify markdown activity on prior season assortments, primarily in sportswear and to reduce promotions on the web. This activity held back our performance in the quarter, yet was an important step as we prepare to introduce our marketing and merchandising strategies that engage our consumer demographic with brand right trends.

"We began to see elements of our initiatives, including a positive reaction to new date tops, event dresses and day dresses in the first quarter and expect that the continuing development and evolution of our strategies will have a greater impact on our performance during the second half of the year.”

“I am pleased with the progress that we are making across all facets of our organization to return our Company to profitability and growth,” Mr. Margolis, continued. “As we look ahead, we will continue to build upon our solid infrastructure to capitalize on the significant opportunities that lie ahead for our brand.

"To this end, we announced two senior leadership hires in merchandising and marketing and we increased our financial flexibility with the addition of $13.4 million in gross proceeds from the completion of our rights offering. I continue to be extremely excited by the potential of our Cache brand and remain confident that we are implementing the right strategies, possess the right team and have the balance sheet strength to allow us to achieve our sales productivity and profitability goals.”

Cache

Must ReadView All

President Donald Trump; Courtesy: White House

Textiles | On 24th Jan 2017

US sets ball rolling for withdrawal from TPP

President Donald Trump has set the ball rolling for withdrawal of the ...

Textiles | On 24th Jan 2017

Indian cotton consumption estimated at 290 lakh bales: CAI

The domestic consumption of cotton during the crop season 2016-17...

Stefano Gallucci (left), CEO, Santex Rimar Group, and Tamer Hasbay, President, Has Group; Courtesy: Santex Rimar

Textiles | On 24th Jan 2017

Santex Rimar to market all Has products globally

Italy based Santex Rimar Group has signed an agreement with Turkey...

Interviews View All

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search