Cache 1Q Same-store Sales Sink 20.7 Percent

NEW YORK (AP) — Women's apparel retailer Cache Inc. on Thursday said its same-store sales fell 20.7 percent in the first quarter, hurt by tough consumer spending and a sagging economy.

Total sales for the quarter ended March 28 slid 21.5 percent to $53.2 million.

Analysts surveyed by Thomson Reuters forecast $55.4 million in total sales.

Same-store sales, or sales at stores open at least a year, are a key measure of retailer performance because they measure growth at existing stores rather than from newly opened ones.

Chief Executive Thomas Reinckens said results were hurt by weak consumer spending, but he expects the Easter holiday in April to boost results in the second quarter.

"For the second quarter, we expect to generate a modest profit, which assumes the current macro environment remains unchanged and our sales continue to trend similarly to the levels we experienced in the first quarter," Reinckens said in a statement.

Analysts polled by Thomson Reuters expect Cache to break even in the second quarter.

During the quarter, the retailer opened two stores and closed four locations, ending the period with 294 locations.