USA: Cache Dec Same-Store Sales Jump 11%
Leading specialty retailer of women's fashions Cache Inc on Wednesday posted an 11 per cent rise in December same-store sales as it enjoyed a strong festive period.
The New York-based operator of 234 stores said total sales for the five weeks to December 28 jumped 15 per cent to a record $28.4 million from $24.6m in the year-ago period.
Total sales for the full-year rose 11 per cent to $199.5m from $179.9m in 2001 with full-year same-store sales up seven per cent. Fourth quarter sales climbed 12 per cent to $58.6m with quarterly same-store sales up eight per cent.
Cache chairman Brian Woolf commented: "We were pleased with our comparable store sales increase of 11 per cent in December and seven per cent for the 52 week period.
"Our December sales increase was primarily driven by our regular price assortments. We anticipate reporting improved fourth quarter and 52 week results on or about February 5, 2003."
He added the firm opened 10 new Cache stores and three Lillie Rubin stores in 2002 and plans to open approximately seven new Cache stores and three new Lillie Rubin stores in Spring 2003.
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