|12:56 EDT||NWY, CWTR, CHS, ANN, CACH||Cache slips after reporting Q4 losses exceed expectations|
Shares of women's sportswear and dress retailer Cache (CACH) are slipping after the company reported a fourth quarter losses that were steeper than expected. WHAT'S NEW: Cache reported a fourth quarter adjusted loss per share of 17c, compared to analysts consensus forecast for 8c loss per share. The company reported fourth quarter revenue of $55.8M, also missing expectations, and said same-store sales declined 5.9% in the quarter. WHAT'S NOTABLE: During the company's fourth quarter earnings conference call, Cache said it remains confident in its strategies and expects to show progress towards improving sales productivity and profitability during FY14. Cache said that while a turnaround was not as quick as it had hoped, the company said that it is still making progress. Still, Cache said the first quarter has been soft. The company said it sees a shift in sales favoring the upcoming second quarter due to the timing of Easter and later school proms. The company said its store closing due to snow storms caused it to operate with 1,800 less shopping hours in February versus last year. PRICE ACTION: During afternoon trading, shares of Cache were down 25c or 6.5% to $3.59. OTHERS TO WATCH: Other mall-based women's apparel retailers include Ann Inc. (ANN), Chico's FAS (CHS), Coldwater Creek (CWTR) and New York & Company (NWY).