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Cache Reports Improved First Quarter Fiscal 2011 Results

Second Quarter 2011 Outlook

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 currently expects second quarter fiscal 2011 net income at the high end of its previous guidance range of $0.16 to $0.18 per diluted share. This compares to net income of $0.07 per diluted share in the second quarter of fiscal 2010. In addition, the Company expects cash and marketable securities to approximate $28 million at the end of the second quarter.

Conference Call Information

The Company announced that it will conduct a conference call to discuss its first quarter fiscal 2011 results today, May 12, 2011 at 9:00 a.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial (877) 407-4018 approximately ten minutes prior to the start of the call. The conference call will also be web-cast live at www.cache.com. A replay of this call will be available at 12:00 p.m. ET on May 12, 2011 and remain active until 11:59 p.m. ET on May 19, 2011. The replay can be accessed by dialing (877) 870-5176 and entering confirmation code 372189.

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.

Certain matters discussed within this press release may constitute forward-looking statements within the meaning of the federal securities laws. Although Cache, Inc. believes the statements are based on reasonable assumptions, there can be no assurance that these expectations will be attained. Actual results and timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including, without limitation, ability to successfully open new stores, dependence on management, dependence on vendors and distributors, reliance on foreign manufacturers, material weakness in our internal controls, industry trends, merchandise and fashion trends, competition, seasonality and changes in general economic conditions and consumer spending patterns, as well as other risks outlined from time to time in the filings of Cache, Inc. with the Securities and Exchange Commission.
 

CACHE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
       
 
 
April 2, January 1, April 3,
ASSETS   2011     2011   2010  
 
Current assets:
Cash and equivalents $ 1,896,000 $ 4,609,000 $ 357,000
Marketable securities 16,850,000 20,923,000 25,727,000
Certificate of deposits - restricted 2,500,000 2,500,000 1,500,000
Receivables, net 3,345,000 2,855,000 3,451,000
Income tax receivable, net 50,000 50,000 3,459,000
Inventories, net 22,961,000 15,789,000 19,306,000
Prepaid expenses and other current assets   5,328,000     5,029,000   8,054,000  
Total current assets 52,930,000 51,755,000 61,854,000
 
 
Equipment and leasehold improvements, net 23,260,000 24,753,000 30,005,000
Goodwill - - 9,092,000
Intangible assets, net 102,000 102,000 102,000
Other assets   9,833,000     9,380,000   4,424,000  
 
Total assets $ 86,125,000   $ 85,990,000   $ 105,477,000  
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities:
Accounts payable $ 12,269,000 $ 8,273,000 $ 10,459,000
Note payable 1,282,000 1,518,000 1,838,000
Accrued compensation 1,328,000 2,551,000 1,421,000
Accrued liabilities   10,020,000     11,150,000   9,203,000  
Total current liabilities 24,899,000 23,492,000 22,921,000
 
 
Note payable 160,000 319,000 1,030,000
Other liabilities 13,361,000 13,867,000 15,157,000
 
 
Commitments and contingencies
 
 
STOCKHOLDERS' EQUITY
 
 
Common stock 165,000 165,000 164,000
Additional paid-in capital 48,180,000 48,015,000 47,722,000
Retained earnings 39,155,000 39,927,000 58,278,000
Treasury stock, at cost   (39,795,000 )   (39,795,000 ) (39,795,000 )
Total stockholders' equity   47,705,000     48,312,000   66,369,000  
 
Total liabilities and stockholders' equity $ 86,125,000   $ 85,990,000   $ 105,477,000  
 

CACHE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
     
 
 
13 Weeks Ended 13 Weeks Ended
April 2, April 3,
  2011     2010  
 
Net sales $ 52,099,000 $ 48,550,000
 
Cost of sales, including buying and occupancy   30,178,000     31,835,000  
 
Gross profit   21,921,000     16,715,000  
 
Expenses
Store operating expenses 18,137,000 18,659,000
General and administrative expenses   5,044,000     4,674,000  
Total expenses   23,181,000     23,333,000  
 
Operating loss   (1,260,000 )   (6,618,000 )
 
 
Other income (expense):
Interest expense (18,000 ) (35,000 )
Interest income   21,000     44,000  
 
Loss before income taxes (1,257,000 ) (6,609,000 )
 
Income tax benefit   (485,000 )   (2,528,000 )
 
 
Net loss $ (772,000 ) $ (4,081,000 )
 
 
 
Basic loss per share $ (0.06 ) $ (0.32 )
 
Diluted loss per share $ (0.06 ) $ (0.32 )
 
 
 
Basic weighted average shares outstanding 12,817,000   12,771,000  
 
Diluted weighted average shares outstanding 12,817,000   12,771,000  

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