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Cache 3rd-quarter loss widens as expenses rise

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The Associated Press | November 12, 2013 08:37 AM EST | AP


NEWS: Cache's third-quarter loss widened as expenses climbed and it did not record a large income tax benefit, as it did last year. Its adjusted loss was smaller than a year ago.

DETAILS: The women's clothing retailer said Tuesday that total expenses rose 4 percent to $23.8 million from $22.8 million.

Sales at stores open at least a year increased 6 percent, compared with a 2.9 percent drop in last year's third quarter. This figure is a key indicator of a retailer's health because it measures growth at ongoing locations by excluding results from stores recently opened or closed.

NUMBERS: For the period ended Sept. 28, Cache Inc. lost $8 million, or 38 cents per share. A year ago, it lost $6.4 million, or 49 cents per share. The per-share discrepancy is due to more shares outstanding in the latest quarter.

The 2012 third quarter included an income tax benefit of $1.7 million. The current quarter included an income tax provision of $8,000.

Excluding the tax allowance and some costs related to employee reductions, Cache lost 35 cents per share. That compares with an adjusted loss of 38 cents per share a year ago.

Revenue increased 3 percent to $47.2 million from $45.8 million.

STOCK: The shares closed at $6.24 on Monday. Year to date, the stock has more than doubled.