US: Cache loss shrinks in “pivotal” Q1
- Q1 net loss US$772,000, versus $4.1m
- Sales up 7.3% to $52.1m
- Expects Q2 at high end of guidance
Women’s wear retailer Cache posted a narrower first quarter loss, boosted by a 7.7% rise in same store sales in what its CEO dubbed a “pivotal” period.
The US company now expects second quarter comps to increase in the mid-single-digit range, with earnings per share at the high end of its previous guidance range of $0.16-0.18.
“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,” said Thomas Reinckens, Cache chairman and CEO.
“Importantly, our customers are responding favourably 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.”
Women's wear retailer Cache Inc has narrowed its third quarter loss after better design, sourcing and merchandising helped drive higher sales....
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