Cache Inc., (NASDAQ: CACH), a specialty chain of women’s apparel stores, today announced that Cache, Inc. (Cache), two Cache employees, Rabia Farhang and Christine Board, Chico’s FAS, Inc., (Chico’s) and White House | Black Market, Inc. (WH|BM) have amicably resolved all claims in the lawsuit filed by Chico’s and WHBM. The terms of the settlement are confidential.
Company Increases First Quarter Fiscal 2011 Guidance and Confirms Second Quarter Fiscal 2011 Guidance
The Company currently expects first quarter fiscal 2011 loss per share in the range of $0.06 to $0.07, which is improved from its previous guidance for a loss of $0.07 to $0.09 per share provided on April 1, 2011. This current guidance also represents a significant improvement from first quarter fiscal 2010 loss per share of $0.32. First Quarter fiscal 2011 comparable store sales rose 8%, as compared to a 6.8% decline in the first quarter of fiscal 2010.
For the second quarter of fiscal 2011, the Company continues to expect comparable store sales to increase in the mid-single digit range following a 5.1% increase in the second quarter of fiscal 2010. The Company also continues to expect second quarter fiscal 2011 net income in the range of $0.16 to $0.18 per diluted share, as compared to net income of $0.07 per diluted share in the second quarter of fiscal 2010.Company to Host Fall Product Review on April 28, 2011 in NYC The Company also announced that it has scheduled its first product line review for analysts and investors on April 28, 2011. The event will take place at the Bryant Park Hotel in NYC from 8:30-10:30am Eastern Time. This event will begin with opening remarks by Thomas Reinckens, Chairman and CEO, followed by a fall line review by Rabia Farhang, Executive Vice President and General Merchandise Manager. For more information and to RSVP please contact Allison Malkin of ICR, Inc. at firstname.lastname@example.org or 203-682-8225. In conjunction with the analyst and investor product line review the Company will also host its first event for fashion editors on April 28, 2011. About Cache, Inc. Cache is a nationwide, mall-based specialty retailer of sophisticated sportswear and social occasion dresses targeting style-conscious women who have a youthful attitude and are self-confident. We currently operate 280 stores, primarily situated in central locations in high traffic, upscale malls in 43 states, the Virgin Islands and Puerto Rico.