Women's clothing retailer Cache Inc. said Friday that its fiscal fourth-quarter loss narrowed on reduced expenses. Adjusted results beat analysts' expectations.
Cache lost $1.2 million, or 9 cents per share, for the period ended Jan. 2. That compares with a loss of $5.5 million, or 42 cents per share, in the same quarter of the previous year.
Excluding impairment charges and other items, profit was 3 cents per share in the latest quarter.
Analysts polled by Thomson Reuters predicted profit of 2 cents per share. Analyst estimates normally exclude one-time items.
Sales dipped 1 percent to $65 million from $65.9 million as sales at stores open at least a year fell 7 percent. Analysts predicted $64.8 million in revenue.
Total expenses declined to $28.9 million from $30.4 million.
Retailers have struggled during the economic downturn as shoppers have tightened their spending, so many have implemented cost cuts to help contend with the pullback.
Chairman and CEO Thomas Reinckens said in a statement that he was disappointed with the quarterly performance, as the company used many promotions during the holidays and has ramped up markdowns as it reworks its product assortment.
For 2009, Cache reported a loss of $8.7 million, or 68 cents per share, compared with its loss of $7.1 million, or 53 cents per share, a year before.
The retailer's adjusted loss was 46 cents per share in 2009.
Annual sales slid 17 percent to $219.8 million from $265.7 million.