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Cache Q4’FY13 comparable store sales dip 5.9%

March 26, 2014 (United States Of America)

Cache, Inc., the specialty chain of women’s apparel stores, reported results for the thirteen (“fourth quarter”) and fifty-two week (“fiscal 2013”) periods ended December 28, 2013.
 
For the 13-week period ended December 28, 2013:
-Net sales were $55.8 million, compared to $60.8 million in the fourth quarter of fiscal 2012 and comparable store sales decreased 5.9%.
-Gross profit was $20.3 million, or 36.4% of net sales and increased 240 basis points from $20.7 million, or 34.0% of net sales, in the fourth quarter of fiscal 2012.
-Operating loss totaled $4.7 million, inclusive of $1.0 million in non-cash asset impairment charges and $106,000 in employee separation charges. This compares to an operating loss of $5.0 million in the fourth quarter of 2012, inclusive of $1.1 million in non-cash asset impairment charges and $61,000 in employee separation charges.
-Net loss totaled $4.8 million, or $0.23 per diluted share, as compared to net loss of $5.5 million, or $0.43 per diluted share, in the fourth quarter of 2012.
-Adjusted net loss, totaled $3.6 million, or $0.17 per diluted share, as compared to adjusted net loss of $2.3 million, or $0.18 per diluted share, in the fourth quarter of fiscal 2012. 
 
Jay Margolis, Chairman and Chief Executive Officer, commented: “Fiscal 2013 was a pivotal year for Cache, during which we set a course to position the Company to take advantage of a significant white space opportunity in apparel retail. During the year, we added key talent across all facets of our business from design to merchandising to marketing and e-commerce. 
 
“At year end, we successfully transitioned our merchandise assortment to capitalize on our opportunity in event dressing; we re-positioned our e-commerce business to enhance and build our brand; and we refreshed select stores. All of these actions position us to achieve our goal to become the premiere apparel destination for all events in a woman’s life. 
 
“Our priorities in fiscal 2014 are focused on delivering powerful assortments; continuing to refresh our stores; building brand awareness by showcasing our improved fashion in our stores; as well as through high impact marketing and online activities. I believe we are well positioned to capitalize on the opportunities that lie ahead for the brand and I am confident in our ability to return the Company to profitability and sustained long-term growth.”
 
Key Business Milestones in Fiscal 2013:
Jay Margolis assumed the role of Chief Executive Officer (“CEO”) and Chairman of the Board of Directors in February 2013. Mr. Margolis is a highly accomplished executive with over 30 years of retail, merchandising and product development experience in the specialty retail industry.
 
In 2013, Mr. Margolis has focused on re-establishing Cache as a premier brand and destination for stylish and fashion conscious women and improving operational efficiencies. 
 
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