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Cache Reports Third Quarter Fiscal 2012 Results

For the 39-week period ended September 29, 2012:

  • Net sales increased 1.5% to $163.4 million from $161.0 million in the first nine months of fiscal 2011. Comparable store sales increased 4.0%, as compared to an increase of 6.4% in the first nine months of fiscal 2011;
  • Gross profit decreased 8.6% to $63.2 million, or 38.7% of net sales compared to $69.2 million, or 43.0% of net sales, in the first nine months of fiscal 2011;
  • Operating loss totaled $8.5 million, as compared to an operating loss of $143,000 million in the first nine months of fiscal 2011; and
  • Net loss was $6.6 million or ($0.51) per share, which included a $1.3 million charge or $0.10 per share for an increase in the tax valuation allowance against net deferred tax assets, compared to net income of $205,000 or $0.02 per diluted share in the first nine months of fiscal 2011.

Gross profit for the third quarter of fiscal 2012 was $14.7 million, or 32.0% of net sales, compared to $19.8 million, or 40.6% of net sales, in the third quarter of fiscal 2011. For the first nine months of fiscal 2012, gross profit was $63.2 million, or 38.7% of net sales, compared to $69.2 million, or 43.0% of net sales, in the first nine months of fiscal 2011. The decrease in gross margin in the third quarter and first nine months of fiscal 2012 was primarily driven by increased markdowns, as compared to the same periods in fiscal 2011.

In total, operating expenses for the third quarter of fiscal 2012 were $22.8 million, unchanged from the prior year quarter. As a percentage of net sales operating expenses increased to 49.7% compared to 46.9% of net sales, in the third quarter of fiscal 2011. For the first nine months of fiscal 2012, total operating expenses were $71.7 million, or 43.9% of net sales, compared to $69.3 million, or 43.1% of net sales, in the first nine months of fiscal 2011. The increase in total operating expenses for the first nine months of fiscal 2012 primarily reflected increased marketing expenses and e-commerce related costs, which were partially offset by lower depreciation expense, as compared to the same period in fiscal 2011.

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