Cache Inc, a specialty chain of women's apparel stores with 309 stores currently open, reported results for the thirteen and twenty-six week periods ended July 1, 2006.
As previously announced, the Company plans to exit its Lillie Rubin business by October 2006 with plans to close 20 Lillie Rubin stores and convert the remaining 17 stores to its new concept, Cache Luxe.
For the 13 week period ended July 1, 2006:
-- Net sales increased 7.0% to $71.7 million compared to $67.0 million in the second quarter of 2005 and Cache comparable store sales, excluding Lillie Rubin stores, increased 8%;
-- Net income including pre-tax Lillie Rubin exit costs of $5.7 million and stock option expense of $0.3 million, totaled $1.7 million, or $0.10 per diluted share, as compared to $0.19 per diluted share last year; and
-- Adjusted diluted EPS totaled $0.36 per diluted share in the second quarter of fiscal 2006. Adjusted diluted EPS exclude: (i) losses related to Lillie Rubin of $0.05 per diluted share and (ii) Lillie Rubin exit costs of $0.21 per diluted share. This compares to adjusted second quarter fiscal 2005 diluted earnings per share of $0.23, which excludes losses related to Lillie Rubin of $0.04 per diluted share. Second quarter fiscal 2006 adjusted diluted earnings per share includes a $0.01 per diluted share impact, related to stock option expense with no comparable expense in the second quarter of fiscal 2005.
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