New York—Ahead of its third quarter report, Caché Thursday said it now expects its third quarter loss to widen to 39 to 41 cents a share, compared to its previous forecast for a loss of 22 to 25 cents a share. The women’s specialty chain had reported a net loss of 14 cents a share in its third quarter 2011.
As far as sales in its third quarter, Caché now expects $45.8 million, which is about $2.9 million less than its net sales of $48.7 million in third quarter 2011. Comparable store sales declined about 2% while comp sales increased 5.7% in third quarter last year.
The revised widened loss is actually in line with the 24 cents a share loss that analysts forecast. However, the lower net sales estimate is even less than the $49.25 million analysts had estimated for third quarter.
Caché also started a cost reduction program which it says could generate $3 million in annual savings in fiscal 2013.
“While we expected our third quarter performance to be negatively impacted by increased promotional activity to clear our summer sportswear assortment, sales of our early fall offerings were equally challenging, lacking the fashion that our customers expect from Caché. This led to the revision to our third quarter guidance,” said Thomas Reinckens, chairman/ceo.
In other news, the company said it had retained the search firm Berglass + Associates to help the search for a president, chief merchandising officer.
Caché’s full fiscal third quarter report is due out Nov. 12.
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