Cache Inc. (CACH), a mall-based specialty retailer, reported first quarter fiscal 2009 sales results.
For the thirteen-week period ended March 28, 2009, total net sales decreased 21.5% to $53.2 million from the year-ago quarter. Comparable store sales decreased 20.7% for the quarter, as compared to an increase of 3.3% in the prior-year quarter. Analysts had a consensus revenue estimate of $55.39 million for the quarter.
For the first quarter, the company currently expects net loss per share to be in the range of $0.12 - $0.13, compared to its previous outlook of net loss per share of $0.12 - $0.16. First quarter fiscal 2008 loss per share was $0.15, which includes costs of $1.5 million, or $0.11 per share related to stores closures and $0.03 per share in costs related to a management change.
On average, 7 analysts polled by Thomson Reuters estimate the company to report a loss of $0.15 per share for the quarter. Analysts' estimates typically exclude special items.
Looking ahead, Cache expects second quarter sales to benefit from the shift in the Easter holiday. The company expects to generate a modest profit, which assumes the current macro environment remains unchanged and sales to continue to trend similarly to the levels experienced in the first quarter.
Thomas Reinckens, Chairman and CEO of Cache, said, We remain focused on delivering positive cash flow in an expected difficult year, while driving increased customer loyalty through our merchandising and marketing initiatives.
CACH is currently trading at $3.25, up $0.24.
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