Cache Inc. (CACH, Financial) filed Quarterly Report for the period ended 2010-10-02.
Cache Inc. has a market cap of $66.7 million; its shares were traded at around $5.22 with and P/S ratio of 0.3. CACH is in the portfolios of Michael Price of MFP Investors LLC, Jim Simons of Renaissance Technologies LLC.
During the 13-week period ended October 2, 2010, net sales increased to $45.5 million from $44.9 million, an increase of $583,000 or 1.3%, as compared to the same 13-week period last year. This reflects an increase of $660,000 from our non-comparable store sales, $121,000 or 100.0% decrease in Mary L. sales, which the Company discontinued during the first quarter of fiscal 2010, in addition to essentially flat comparable store sales along with a small increase in income recognized from our co-branded credit card. The increase in net sales in the third quarter at our stores reflected a 4.5% increase in average dollars per transaction, partially offset by a 4.4% decrease in sales transactions.
During the 39-week period ended October 2, 2010, store operating expenses decreased to $55.8 million from $57.8 million, a decrease of $2.0 million, or 3.6%, as compared to the same 39-week period last year. Store operating expenses decreased primarily due to a decrease in depreciation of $1.3 million, payroll and payroll related tax expenses of $971,000, store property and real estate taxes of $503,000 and costs associated with store closing and remodeling of $199,000, partially offset by an increase in marketing expense of $1.1 million. The decrease in depreciation expense was due to certain assets being fully depreciated as of fiscal 2009, coupled with the impairment of 23 underperforming stores during the fourth quarter of fiscal 2009. The decrease in payroll and payroll related expenses was due to decrease in the number of employees, as compared to the 39-week period last year. The decrease in store property and real estate taxes was primarily due to a decrease in the number of stores in fiscal 2010, as compared to fiscal 2009. The increase in marketing expense was due to an increase in spending for direct mail and costs associated with printed materials. As a percentage of
During the 13-week period ended October 2, 2010, store operating expenses decreased to $18.0 million from $18.6 million, a decrease of $631,000, or 3.4%, as compared to the same 13-week period last year. Store operating expenses decreased primarily due to a decrease in depreciation of $672,000, store property and real estate taxes of $147,000 and costs associated with store closing and remodeling of $152,000, partially offset by an increase in marketing expenses of $460,000. The decrease in depreciation expense was due to certain assets being fully depreciated in fiscal 2009, coupled with the impairment of 23 underperforming stores during the fourth quarter of fiscal 2009. The decrease in store property and real estate taxes was primarily due to a decrease in the number of stores in fiscal 2010, as compared to fiscal 2009. The increase in marketing expense was due to an increase in spending for direct mail and costs associated with printed materials. As a percentage of net sales, store operating expenses decreased to 39.5% from 41.4% for the fiscal 2010 13-week period, as compared to the prior year period.
requirements principally through cash flow from operations. During the 39-week period ended October 2, 2010, we used $7.2 million of cash flow from operations, as compared to $7.0 million generated during the same period in fiscal 2009. We expect to continue to meet our operating cash requirements primarily through cash flows from operating activities, existing cash and equivalents, and short-term investments. At October 2, 2010, we had working capital of $33.0 million, cash and marketable securities of $26.8 million and $2.2 million in third party debt outstanding related to the purchase of Adrienne Victoria Designs, Inc. (AVD). The cash and marketable securities at October 2, 2010, included certificates of deposit of $2.5 million, that have been placed by the Company as collateral against a one year credit facility.
During the 39-week period ended October 2, 2010, cash and equivalents decreased by $3.0 million, primarily as a result of the operating loss incurred during fiscal 2010. Decrease in accrued liabilities, accrued compensation and other liabilities ($2.7 million) is principally due to payment on the remaining $1.4 million owed to one of the Companys former executive, as part of an employee separation agreement entered into in fiscal 2009. Seasonal increase in inventories ($2.7 million) coupled with the purchase of equipment and leasehold improvements ($2.5 million), also contributed to the decrease in cash and equivalents. These decreases in cash were offset by net maturities of marketable securities ($8.1 million), combined with a decrease in receivables and income tax receivables ($4.8 million), primarily due to $3.3 million collected from income tax receivable recorded in fiscal 2009.
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Cache Inc. has a market cap of $66.7 million; its shares were traded at around $5.22 with and P/S ratio of 0.3. CACH is in the portfolios of Michael Price of MFP Investors LLC, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
During the 39-week period ended October 2, 2010, net sales decreased to $150.6 million from $154.8 million, a decrease of $4.2 million, or 2.7%, as compared to the same 39-week period last year. This reflects a decrease of $2.6 million from our non-comparable store sales, a decrease of $973,000 of net sales from our Mary L. division, which the Company discontinued during the first quarter of fiscal 2010, $882,000 or 0.6% decrease in comparable store sales, which were offset by a small increase in income recognized from our co-branded credit card. The decrease in net sales during the 39-week period of fiscal 2010 was primarily due to macroeconomic events, which resulted in a reduction in mall traffic where our stores are located, coupled with a shift in consumer spending patterns that favored lower priced or discounted merchandise. The decrease in net sales at our stores for the 39-week period ended October 2, 2010, reflected a 5.5% decrease in average dollars per transactions and a 5.3% increase in sales transactions.During the 13-week period ended October 2, 2010, net sales increased to $45.5 million from $44.9 million, an increase of $583,000 or 1.3%, as compared to the same 13-week period last year. This reflects an increase of $660,000 from our non-comparable store sales, $121,000 or 100.0% decrease in Mary L. sales, which the Company discontinued during the first quarter of fiscal 2010, in addition to essentially flat comparable store sales along with a small increase in income recognized from our co-branded credit card. The increase in net sales in the third quarter at our stores reflected a 4.5% increase in average dollars per transaction, partially offset by a 4.4% decrease in sales transactions.
During the 39-week period ended October 2, 2010, store operating expenses decreased to $55.8 million from $57.8 million, a decrease of $2.0 million, or 3.6%, as compared to the same 39-week period last year. Store operating expenses decreased primarily due to a decrease in depreciation of $1.3 million, payroll and payroll related tax expenses of $971,000, store property and real estate taxes of $503,000 and costs associated with store closing and remodeling of $199,000, partially offset by an increase in marketing expense of $1.1 million. The decrease in depreciation expense was due to certain assets being fully depreciated as of fiscal 2009, coupled with the impairment of 23 underperforming stores during the fourth quarter of fiscal 2009. The decrease in payroll and payroll related expenses was due to decrease in the number of employees, as compared to the 39-week period last year. The decrease in store property and real estate taxes was primarily due to a decrease in the number of stores in fiscal 2010, as compared to fiscal 2009. The increase in marketing expense was due to an increase in spending for direct mail and costs associated with printed materials. As a percentage of
During the 13-week period ended October 2, 2010, store operating expenses decreased to $18.0 million from $18.6 million, a decrease of $631,000, or 3.4%, as compared to the same 13-week period last year. Store operating expenses decreased primarily due to a decrease in depreciation of $672,000, store property and real estate taxes of $147,000 and costs associated with store closing and remodeling of $152,000, partially offset by an increase in marketing expenses of $460,000. The decrease in depreciation expense was due to certain assets being fully depreciated in fiscal 2009, coupled with the impairment of 23 underperforming stores during the fourth quarter of fiscal 2009. The decrease in store property and real estate taxes was primarily due to a decrease in the number of stores in fiscal 2010, as compared to fiscal 2009. The increase in marketing expense was due to an increase in spending for direct mail and costs associated with printed materials. As a percentage of net sales, store operating expenses decreased to 39.5% from 41.4% for the fiscal 2010 13-week period, as compared to the prior year period.
requirements principally through cash flow from operations. During the 39-week period ended October 2, 2010, we used $7.2 million of cash flow from operations, as compared to $7.0 million generated during the same period in fiscal 2009. We expect to continue to meet our operating cash requirements primarily through cash flows from operating activities, existing cash and equivalents, and short-term investments. At October 2, 2010, we had working capital of $33.0 million, cash and marketable securities of $26.8 million and $2.2 million in third party debt outstanding related to the purchase of Adrienne Victoria Designs, Inc. (AVD). The cash and marketable securities at October 2, 2010, included certificates of deposit of $2.5 million, that have been placed by the Company as collateral against a one year credit facility.
During the 39-week period ended October 2, 2010, cash and equivalents decreased by $3.0 million, primarily as a result of the operating loss incurred during fiscal 2010. Decrease in accrued liabilities, accrued compensation and other liabilities ($2.7 million) is principally due to payment on the remaining $1.4 million owed to one of the Companys former executive, as part of an employee separation agreement entered into in fiscal 2009. Seasonal increase in inventories ($2.7 million) coupled with the purchase of equipment and leasehold improvements ($2.5 million), also contributed to the decrease in cash and equivalents. These decreases in cash were offset by net maturities of marketable securities ($8.1 million), combined with a decrease in receivables and income tax receivables ($4.8 million), primarily due to $3.3 million collected from income tax receivable recorded in fiscal 2009.
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