US: Cache narrows Q4 net loss
- Q4 net loss narrows to US$4.8m
- Sales fall 5.9%
Women's wear retailer Cache managed to narrow its net losses in the fourth quarter, despite booking a drop in revenues.
The company's net loss for the quarter ended 28 December narrowed to US$4.8m from $5.5m a year earlier.
Net sales, however, dropped 5.9% to $55.8m, compared to $60.8m in the fourth quarter of fiscal 2012. Comparable store sales were down 5.9%.
CEO Jay Margolis said the company's priorities for 2014 are focused on "delivering powerful assortments; continuing to refresh our stores; building brand awareness by showcasing our improved fashion in our stores; as well as through high impact marketing and online activities".
He added: "I believe we are well positioned to capitalize on the opportunities that lie ahead for the brand and I am confident in our ability to return the Company to profitability and sustained long-term growth."
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