“We recognize more work needs to be done to bring about consistency in our sales performance and return our Company to profitability and positive sales growth. In the near term, we are focused on identifying a President and are working aggressively to re-balance our sportswear assortments. We also intend to seek to capitalize on up-trending areas of our business such as dresses and our e-commerce channel. At the same time, we are implementing a cost savings program that we expect will generate $3 million in annualized savings in fiscal 2013. We remain confident that we are taking the right steps to improve our near term performance and return our Company to long term sustainable growth.”
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. The Company currently operates 262 stores, primarily situated in central locations in high traffic, upscale malls in 42 states, the Virgin Islands and Puerto Rico.
Forward-Looking StatementsCertain 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, industry trends, merchandise and fashion trends, competition, seasonality, changes in general economic conditions and consumer spending patterns, the ability to successfully open new stores, reliance on foreign manufacturers, dependence on management and vendors and distributors and our inability to hire a new President or to achieve anticipated cost-savings in our business, as well as other risks outlined from time to time in the filings of Cache, Inc. with the Securities and Exchange Commission. Cache, Inc. assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.