Cache Comparable Store sales rise in June

09 Jul '08

4 min read

Cache Inc, a specialty chain of women's apparel stores with 297 stores open at June 28, 2008, reported June 2008 sales figures.

For the five-week period ended June 28, 2008, comparable store sales (sales for stores open at least one year or more) increased 6%, as compared to an increase of 1% for the five-week period ended June 30, 2007. Total net sales for the five-week June 2008 period increased $1.3 million or 6% to $23.3 million, as compared to the same period last year.

For the thirteen-week period ended June 28, 2008, comparable store sales increased 3%, as compared to an increase of 1% in the thirteen-week period ended June 30, 2007. Total net sales for the thirteen-week fiscal 2008 period increased $3.0 million or 4% to $74.1 million, as compared to the thirteen-week fiscal 2007 period.

For the 26-week period ended June 28, 2008, comparable store sales increased 3%, as compared to an increase of 1% in the twenty six-week period ended June 30, 2007. Total net sales for the twenty six-week fiscal 2008 period increased $6.4 million or 5% to $141.8 million, as compared to the twenty six-week fiscal 2007 period.

Thomas Reinckens, Chairman and Chief Executive Officer of Cache Inc commented: “Our strategies continue to prove successful, as evidenced by the 6% increase in comparable store sales, we reported for June. As a result, we have raised our second quarter guidance.

We believe our initiatives aimed at reaching more consumers and increasing purchasing frequency, such as with the introduction of both our Contour product and opening price points on select styles will continue to provide for our growth this year. We remain excited about our opportunities during the upcoming fall and holiday seasons.”

During the month, the Company's store count remained unchanged at 297 stores. In early July, the Company opened one new Cache store and closed two Cache Luxe stores. The Company currently has 296 stores open.

Guidance:
Based on better-than-expected second quarter fiscal 2008 sales, the Company is increasing its second quarter guidance. The Company is also introducing guidance for the third and fourth quarters of fiscal 2008 and for the full fiscal 2008 year. The Company expects to report full results for the second quarter of fiscal 2008 the week of July 21, 2008.

The Company currently expects second quarter fiscal 2008 diluted earnings per share in the range of $0.14 to $0.15, which compares to its previous expectation for second quarter fiscal 2008 diluted earnings per share of $0.12 to $0.14 and actual diluted earnings per share of $0.08 in the second quarter of fiscal 2007.

For the third quarter of fiscal 2008, the Company currently expects net sales in the range of $62 million to $64 million and diluted earnings per share in the range of $0.01 to $0.02. The Company expects third quarter fiscal 2008 comparable store sales to increase in the low to mid-single digit range. This compares to actual third quarter fiscal 2007 net sales of $60.6 million and diluted earnings per share of $0.01.

More Cache Inc News... More Fashion News - United States Of America...