Home / Knowledge / News / Apparel/Garments / Losses mount at womenswear retailer Cache in Q2FY15
Losses mount at womenswear retailer Cache in Q2FY15
13
Aug '14
Net loss in second fiscal quarter ending June 28, 2014 at Cache, a retailer of women’s apparel and accessories skyrocketed just under a shade under 400 percent from a year earlier period.

Net loss totalled $7.9 million or a negative $0.33 per diluted share in Q2FY15 as compared to net loss of $1.6 million or a negative $0.09 per diluted share in Q2FY14, a massive leap of 393 percent.

For the 13-week period ended June 28, 2014, net sales stood at $54.1 million compared to $60.1 million in the second quarter of fiscal 2013, while comparable store sales fell 8.8 percent.

Operating loss amounted to $7.7 million in Q2FY15, which includes employee separation charges of $275,000, compared to operating loss of $1.6 million in Q2FY14, which also includes employee separation charges $956,000.

Net sales for the first half ending June 28, 2014 were $101.5 million compared to $113.6 million in the first six months of fiscal 2013, while comparable store sales decreased 8.9%.

Operating loss in H1FY15 reached $18.3 million, which includes employee separation charges of $409,000, against operating loss of $9.3 million in H1FY14, which too includes employee separation charges incurred of $2.5 million.

Net loss was $18.7 million or a negative $0.83 per diluted share compared to a net loss of $19.4 million or a negative $1.23 per diluted share in the first six months of fiscal 2013.

CEO at Cache, Jay Margolis said, “In the second quarter we made significant progress on our strategic initiatives, which have contributed positively to our business at the end of the second quarter, and even more significantly in the beginning of the third quarter.

“Our comparable store sales are positive in the first 6 weeks of the third quarter following a 6% increase in the third quarter last year, driven by a positive response to our recent collections, new loyalty program, merging of planning and allocation teams and consolidation of store and online fulfillment operations.

“As a result of these initiatives, we are delivering more powerful assortments, in the right quantities, in the right locations and at the right time, positioning us to achieve our objective to be a top shopping destination for all the events in a woman’s life.

“While disappointed in our second quarter financial performance, I am encouraged about our business at the start of the second half of the year and expect our actions to result in increased sales productivity.”

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 3rd May 2016

‘TFA for faster clearances of trade process’

Commerce and Industry Minister Nirmala Sitharaman has said that Trade ...

Textiles | On 3rd May 2016

FCIPT announces technology to make clothes stain proof

There is finally help for housewives, working women and even men...

Textiles | On 3rd May 2016

China’s cotton reserve sales begin May 3

China’s cotton reserve sales which begins tomorrow, are likely to...

Interviews View All

Sachin Arora
Myntra

How prevalent are engagement practices in the Indian corporate houses? Can ...

Frank Gossmann
Rotorcraft AG

What new innovations did Rotorcraft exhibit at the recent textile...

DK Nair
Confederation of Indian Textile Industry (CITI)

How do you see the ongoing changes and developments in the textile and...

Urs Stalder
Sanitized AG

<b><i>Urs Stalder, CEO, Sanitized AG, talks about the increasing use of...

Mr Hartmann Huth
Trevira GmbH

Trevira GmbH is an innovative European manufacturer of high-value branded...

Mr SS Iyer
Zenith Fibres Ltd

Mr SS Iyer, currently President of Zenith Fibres Ltd, graduated in...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

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

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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
April 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


<%@ language="VBScript" %>
feedback
We would love to hear from you about your experience using the new interface. A quick review of yours would help us give you a better experience.
Advanced Search