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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

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