Cache, Inc., (NASDAQ: CACH), a specialty chain of women’s apparel stores, reported results for the thirteen week period (“first quarter”) ended April 2, 2011.
For the 13-week period ended April 2, 2011:
- Net sales increased 7.3% to $52.1 million from $48.6 million in the first quarter of fiscal 2010. Comparable store sales increased 7.7%, which compares to a decline of 6.8% in the first quarter of fiscal 2010;
- Gross profit increased 31.1% to $21.9 million, or 42.1% of net sales from $16.7 million, or 34.4% of net sales in the first quarter of fiscal 2010;
- Operating loss totaled $1.3 million, as compared to $6.6 million in the first quarter of fiscal 2010; and
- Net loss totaled $772,000, or $0.06 per share, as compared to a net loss of $4.1 million or $0.32 per share in the first quarter of fiscal 2010.
Thomas Reinckens, Chairman and Chief Executive Officer, commented: “The first quarter marked a pivotal period for our Company, whereby we saw the initial benefits of our 2010 initiatives that strengthened our design and merchandising leadership and enhanced our business processes. During the quarter, we reported a 7.7% increase in comparable stores sales, a 770 basis point increase in gross profit margin and a dramatic improvement in our bottom line results, despite the shift of Easter to our second quarter. Importantly, our customers are responding favorably to our assortments across categories, our marketing has elevated our brand with consumers and we have an improved operating platform, which we believe will sustain our positive momentum in 2011 and beyond. For the first five weeks of our second quarter, our comparable store sales are slightly ahead of our plan, which is a further testament to the successful implementation and progress of our initiatives. We now expect second quarter fiscal 2011 earnings at the high end of our previous guidance range and continue to expect to achieve solid profitability in the first half of fiscal 2011.”
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