For the quarter ended Dec. 31, Cache posted net income of $1.9 million, or 15 cents a share, compared to a net loss of $14.2 million, or $1.11 a share, last year. Excluding items, adjusted net income was $1.5 million or 12 cents a share compared to last year’s adjusted net loss of $2.0 million or 16 cents share.
Net revenue increased 12.5% to $62.9 million from $55.9 million last year. Comparable store sales were up12.4% compared to a decrease of 6.4% in the year-ago quarter.
Analysts’ average estimate expected Cache to earn 18 cents a share on sales of $62.27 million.
“The fourth quarter represented a strong finish to a positive year of growth for Cache,” said Thomas Reinckens, chairman/ceo. “The year included an 8.1% increase in comparable store sales, a 490 basis point expansion in gross profit margin and solid profitability reflecting the strong acceptance of our assortments and the success of the process changes we began to implement in 2010. We are very proud of our performance this year and believe we have developed a strong foundation to continue our positive momentum in fiscal 2012 and beyond.”
Looking ahead, the company expects a net loss of 9 cents a share for the first quarter. Analysts’ average estimate forecast earnings of 1 cents a share.
This year, Cache plans to step up its marketing efforts, expand e-commerce and its international reach, Reinckens said.
“In addition, year to date we closed 12 unprofitable stores and expect to close approximately five more stores in fiscal 2012,” he said.