• Q3 net loss of $6.8m
  • Net sales decreased 22.7%
  • November assortment planned

Women's apparel chain Cache Inc has posted a third quarter net loss of $6.8m, compared to a net loss of $1.6m in the third quarter of fiscal 2008, after lower than expected sales during the period.

For the 13-week period ended 26 September, the company's net sales decreased 22.7% to $44.9m, from $58.1m in the third quarter of fiscal 2008.

Comparable store sales decreased 21.7%, as compared to a decrease of 3.9% in the third quarter of fiscal 2008.

Thomas Reinckens, chairman and CEO, said: "We were disappointed with our third quarter results, which reflected lower than expected sales and our decision to accelerate markdowns in anticipation of our new fall and holiday assortments.

"On a positive note, we maintained a strong balance sheet and generated significant cost savings, while implementing merchandise strategies to position Cache for improved sales and profitability during the fourth quarter.

"In November, we expect to launch a new expanded assortment to meet more of our existing customers lifestyle needs, as well as to attract new customers."