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Cache plans to open three new stores this year
05
Mar '10
Cache Inc a specialty chain of women's apparel stores, reported results for the fourteen and fifty-three week periods ended January 2, 2010. Fiscal 2009 compares to the thirteen and fifty-two week periods ended December 27, 2008, in Fiscal 2008.

For the 14-week period ended January 2, 2010:

• Net sales decreased 1.4% to $65.0 million from $65.9 million in the fourth quarter of fiscal 2008. Comparable store sales decreased 7%, as compared to a decrease of 17% in the fourth quarter of fiscal 2008;
• Net loss totaled $1.2 million or $0.09 per diluted share, including $0.13 per diluted share related to non-cash store and intangible asset impairment charges and was partially offset by $0.01 per diluted share in separation agreement and exit cost reversals. This compares to a net loss of $5.5 million or $0.42 per diluted share, including $0.10 per diluted share related to non-cash store and intangible asset impairment charges in the fourth quarter of fiscal 2008; and
• Adjusted net income was $332,000 or $0.03 per diluted share for the fourth quarter of fiscal 2009 and excludes impairment charges, as well as the separation agreement and exit cost reversals. This compares to an adjusted net loss for the 13-week period in fiscal 2008 of $4.2 million or $0.32 per diluted share, excluding impairment charges.

Thomas Reinckens, Chairman and Chief Executive Officer, commented: “Our fourth quarter performance, while profitable before non-cash impairment charges, was disappointing; reflecting the highly promotional environment during the holiday season and our strategy to accelerate markdowns as we reposition our assortments. We were, however, pleased to advance the priorities we set at the start of fiscal 2009. These included a focus on maintaining a strong balance sheet, while strengthening our merchandising and design organization, as we position the Company for improved sales and profitability. To this point, at year-end, cash and marketable securities rose to $37.0 million and inventory at cost declined by approximately 25.6% from the prior year. In addition, we generated approximately $23 million in total cost savings in 2009. Lastly, toward the end of the year, we announced new leadership in merchandising and design, as well as the addition of talent within our production team, following year-end. We expect our performance to remain challenging in the first quarter, due to significantly reduced inventory receipts, as we transition to our new collection assortments for spring. We are, however, confident that we have identified the right action plans and possess the right team to revitalize our sales and improve profitability, as the year progresses.”

For the 53-week period ended January 2, 2010:

• Net sales decreased 17.3% to $219.8 million from $265.7 million in fiscal 2008. Comparable store sales decreased 18%, following a decline of 4% in fiscal 2008;
• Net loss was $8.7 million or $0.68 per diluted share, including $0.13 per diluted share in non-cash store and intangible asset impairment charges and $0.09 per diluted share in separation agreement costs. This compares to a net loss of $7.1 million or $0.53 per diluted share, including costs of $0.13 per diluted share related to exit costs, $0.10 per diluted share related to non-cash store and intangible asset impairment charges, and $0.03 per diluted share related to the management change in January 2008; and


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