Home / Knowledge / News / Apparel/Garments / Women's apparel store Cache sales down 3.3% in Q4 FY'12
Women's apparel store Cache sales down 3.3% in Q4 FY'12
12
Mar '13
Cache, Inc., the specialty chain of women’s apparel stores, reported results for the thirteen (“fourth quarter”) and fifty-two week (“fiscal 2012”) periods ended December 29, 2012.

For the 13-week period ended December 29, 2012:

Net sales decreased 3.3% to $60.8 million from $62.9 million in the fourth quarter of fiscal 2011. Comparable store sales decreased 0.7%, compared to an increase of 12.4% in the fourth quarter of fiscal 2011.

Operating loss totaled $5.0 million, inclusive of $1.1 million in non-cash asset impairment charges. This compares to operating income of $2.4 million in the fourth quarter of 2011, inclusive of $719,000 in non-cash asset impairment charges partially offset by a $345,000 benefit from a gain on note payable settlement.

Net loss totaled $5.5 million, or $0.41 per diluted share, which included the following costs: (i) a $2.5 million or, $0.18 per diluted share, tax valuation allowance charge; and (ii) a $682,000, or $0.05 per diluted share, non-cash asset impairment charge.

This compares to net income of $1.9 million, or $0.14 per diluted share, in the prior year period, which included the following benefits and costs: (i) a $562,000, or $0.04 per diluted share, benefit from the reversal of the tax valuation allowance against net deferred tax assets; (ii) a $396,000, or $0.03 per diluted share, non-cash store impairment charge; and (iii) a $190,000, or $0.02 per diluted share, benefit from a gain on note payable settlement.

Adjusted net loss, which excludes the costs and benefits referenced above, was $2.4 million, or $0.18 per diluted share, as compared to adjusted net income of $1.5 million, or $0.11 per diluted share, in the fourth quarter of fiscal 2011. (See the table on page 3 for a reconciliation of net income (loss) to adjusted net income (loss).)

For the 52-week period ended December 29, 2012:

Net sales increased 0.1% to $224.2 million from $223.9 million in fiscal 2011. Comparable store sales increased 2.7%, compared to an increase of 8.1% in fiscal 2011.

Operating loss totaled $13.4 million, inclusive of $1.1 million in non-cash asset impairment charges. This compares to operating income of $2.2 million in the prior year period, inclusive of: (i) a $719,000 non-cash asset impairment charge; (ii) a $450,000 legal expense reimbursement; and (iii) a $345,000 benefit from a gain on note payable settlement.

Net loss was $12.1 million, or $0.90 per diluted share, inclusive of the following costs: (i) a $3.8 million, or $0.28 per diluted share, tax valuation allowance charge; and (ii) a $693,000, or $0.05 per diluted share, non-cash asset impairment charge.

This compares to net income of $2.1 million, or $0.16 per diluted share, in fiscal 2011, inclusive of the following benefits and costs: (i) a $833,000 benefit, or $0.06 per diluted share, from the reversal of the tax valuation allowance against net deferred tax assets; (ii) a $396,000, or $0.03 per diluted share, non-cash store impairment charge; (iii) a $248,000, or $0.02 per diluted share, legal expense reimbursement; and (iv) a $190,000, or $0.02 per diluted share, benefit from a gain on note payable settlement.


Must ReadView All

Pic: Shutterstock

Textiles | On 20th Feb 2020

An Industry Goes Viral

When the novel coronavirus, now called COVID-19, was first detected...

Pic: Shutterstock

Textiles | On 20th Feb 2020

Rising global import of sacks and bags

Overall trade of sacks and bags (for packaging of goods) has been...

Pic: freemind-production / Shutterstock.com

Retail | On 20th Feb 2020

Authentic Brands announces acquisition of Forever 21

Authentic Brands Group (ABG), a global brand development, marketing,...

Interviews View All

Amrit Sethia, SOIE

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Textile Industry, Head honchos

Textile Industry
Head honchos

Trade buzz: This could be a landmark budget

Siddharth Biyani, Mangalam Industries Pvt Ltd

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Ken Butts,

Ken Butts

The mission of Swiss company Datacolor is to empower its customers to make ...

Jos Notermans,

Jos Notermans

SPGPrints is a global provider of integrated solutions for rotary screen...

Spring Chang,

Spring Chang

A specialist in manufacturing printing machines, <b>Wenzhou Changs</b>...

Ashok Desai, Bombay Textile Research Association

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

Ruma Devi is a jet-setting promoter of artisans who has empowered...

Nisha Chanda, Whistling Woods International School of Fashion

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

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

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

Leave your Comments


February 2020

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


Advanced Search