Net sales during the quarter increased 15.8%, to $57.3 million, while net income rose to just over $1.1 million, up from $521,000 in last year's Q3. For the first nine months, same-store sales rose 5%, and net sales jumped 10.9%, to $189 million.
Cache opened five new stores during the quarter, bring the chain's total to 391 units. Since last year's third quarter, the retailer has opened 25 stores, including 14 so far this year. Executives say they plan to open 22 to 25 new stores next year. Six stores were remodeled over the most recent quarter, making 56% of the portfolio newly remodeled.
Through yesterday 28 of the company's 46 stores were closed due to damage and power outages from Hurricane Wilma. There is no set timeline for when they will open, says Brian Woolf, Cache's chairman. "We're all going to wait and see on a day-to-day basis," he said.
For the year, executives predict sales of $270 million to $274 million, up from $247.3 million last year. They also upped their earnings-per-share guidance from 83 cents to 85 cents from 80 cents to 83 cents.
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