X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Women’s apparel retailer Cache posted an 8% year-over-year same-store sales gain during its Q3, which ended Oct. 1, as well as a boost in net sales and earnings. Executives attribute the performance in part to more of a focus on fashion items and less promotional activity.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.