• Q4 net loss of $2.0m
  • Net sales decreased 14% to $55.9m
     

Mall-based women's wear retailer Cache has reported sloping sales and a net loss for the fourth quarter, but remained optimistic for the year ahead.

For the full fiscal year the US company reported adjusted net income of $103,000 for the fourth quarter period.

For fiscal 2010 the company's net sales decreased 6.0% to $206.5m. Same-store sales decreased 2.3% for the year.

Cache said that net loss totaled $22.4m for the period, compared to a net loss of $8.7m in fiscal 2009.

Thomas Reinckens, chairman and CEO of the company, said: "2010 marked a pivotal year where we made strides to position our company for long term growth in sales and profitability.

"During the year, we focused on realigning our business processes and optimising our new design and merchandise talent, with a goal of elevating product assortments to broaden our reach, while maintaining the sophistication and style that our customers expect of us.

"At the same time, we maintained our stringent control of expenses and inventory. While our 2010 results were pressured, as it took time for our team and initiatives to take hold, our efforts are paying dividends for us as we begin the spring season and we are optimistic for the 2011 fiscal year."

Reinckens added that Cache's consumers have responded favouably since the turn of the year, reporting a 7% increase in same-store sales and improvement in merchandise margins during the first quarter to date.