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Dresses & value-priced accessories perform well at Cache

Jul '09
Cache Inc, a specialty chain of women's apparel stores, reported results for the thirteen (second quarter) and twenty-six week periods (first six months) ended June 27, 2009.

For the 13-week period ended June 27, 2009:
• Net sales decreased 23.1% to $56.9 million from $74.0 million in the second quarter of fiscal 2008. Comparable store sales decreased 23.0%, as compared to an increase of 3.0% in the second quarter of fiscal 2008;
• Net income totaled $845,000 or $0.07 per diluted share, as compared to net income of $2.1 million or $0.16 per diluted share in the second quarter of fiscal 2008.

Thomas Reinckens, Chairman and Chief Executive Officer, commented: “During the second quarter, we maintained a strong balance sheet, achieved earnings per share at the high end of our expectations and positive cash flow. At quarter end, cash and marketable securities totaled $34.8 million, and inventory declined 36% from the prior year. In addition, we generated $7 million in expense savings and are currently on track to achieve $23 million in cost reductions this year.”

“While the weak consumer spending environment pressured our sales performance during the quarter, we are encouraged by the favorable response to our merchandise categories where we offer compelling value and differentiation in fashion, with particular strength in day dresses, value-priced accessories and tops,” Mr. Reinckens continued. “We expect to expand upon the success of these areas this fall, as we emphasize affordability in our offerings and introduce new denim, casual and activewear assortments, which are in high demand by our customers.”

“As we look ahead, we are confident that our fall assortments, which are delivered to our stores late August, will resonate with consumers and enable us to improve our comparable store sales performance as compared to the first half of the year,” Mr. Reinckens stated.

“While the third quarter typically represents a loss for our Company given our calendar year, we are confident that our strategies of offering enhanced value, differentiation and expanded assortments appropriate for day to allow us to garner increased market share. Our focus for the balance of the year will be to continue to strengthen our balance sheet and achieve positive cash flow, while maximizing opportunities to build sales and reduce product costs, as we move to increased overseas sourcing. We believe this strategy will enable us to become a stronger Company with increased sales and profit potential and lead to increased long term value for all Cache stakeholders.”

For the 26-week period ended June 27, 2009:
• Net sales decreased 22.5% to $109.9 million from $141.7 million in the first six months of fiscal 2008. Comparable store sales decreased 21.9% following a 3.1% gain in the first six months of fiscal 2008;
• Net loss was $751,000 or ($0.06) per share, as compared to net income of $52,000 or breakeven on a per share basis in the first six months of fiscal 2008. Results in the first six months of fiscal 2008 included charges, net of taxes, of: $1.5 million or $0.11 per diluted share related to store closures and $388,000 or $0.03 per diluted share related to the management change in January 2008; and

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