Cache profit down
New York City Cache said Friday that it lost more money in its fiscal third quarter than a year earlier, weighed down by lower-than-expected sales and markdowns. The retailer said, however, that it expects to be profitable in its fourth quarter, as the company adjusts its merchandising strategy heading into the holiday shopping period.
For the period ended Sept. 26, Cache lost $6.8 million, compared with a loss of $1.6 million a year ago.
"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," chairman and CEO Thomas Reinckens said in a statement.
Sales declined 23% to $44.9 million from $58.1 million last year. The results missed Wall Street's $48.3 million estimate. Same-store sales fell 21.7%.