Cache Inc Misses Estimates (CACH)

Cache, Inc. CACH released financial results on Wednesday morning that missed Wall Street estimates. Cache, Inc announced that its 3rd quarter net loss narrowed to $5 million, or 39 cents per share, from a net loss of $6.8 million, or 53 cents per share, a year earlier. Excluding special items, the company reported a loss of 31 cents per share. The company's revenue rose 1.3% to $45.5 million, up from $44.9 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for a loss of 11 cents per share, on revenue of $47.5 million. Chairman and chief executive officer Thomas Reinckens said, “Our third quarter results were improved from the prior year, but were disappointing nonetheless, as the strength we saw early in the quarter did not carry through to our fall collections, with certain deliveries not meeting our customers' expectations. We believe we are seeing the initial benefits from our initiatives to create more cohesive lifestyle assortments, as evidenced by the strength of our sportswear sales. However, we were too conservative in our tops and dress classifications and are adding more fashion to these key categories, going forward. We continued to manage expenses well and ended the quarter with a strong balance sheet. During the quarter, operating expenses declined by 310 basis points as a percentage of net sales, and at quarter end, cash and cash equivalents were $26.8 million and inventory at cost declined 5.8% from the year-ago period." Cache, Inc. (CACH) finished the previous trading day at $5.22 per share. The consensus price target of analysts covering the company's stock is $8.50 per share. Read more from Benzinga's Company news.