UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):
JANUARY 8, 2009
CACHE, INC.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
FLORIDA 0 -10345 59 -1588181
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(STATE OR OTHER (COMMISSION FILE NUMBER) (IRS EMPLOYER
JURISDICTION OF IDENTIFICATION
INCORPORATION) NUMBER)
1440 BROADWAY, NEW YORK, NEW YORK 10018
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (212) 575-3200
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On January 8, 2009, the Cache, Inc. (the "Company") issued a press
release (the "Press Release") announcing its sales for the five, thirteen and
fifty-two week periods ended December 27, 2008 and confirming it is revising its
previous guidance for the fourth fiscal quarter of 2008 and the fiscal 2008
year. The Press Release is attached as Exhibit 99.1 to this Current Report on
Form 8-K.
ITEM 8.01 VOLUNTARY DISCLOSURE OF OTHER EVENTS
On January 8, 2009, the Company issued a press release (the "Second
Press Release") announcing that its board of directors has approved a new stock
repurchase program (the "Repurchase Program"), authorizing the Company to
repurchase up to 1,000,000 shares of its common stock through the open market or
in privately negotiated transactions, in accordance with SEC requirements. The
Second Press Release is attached as Exhibit 99.2 to this Current Report on Form
8-K.
ITEM 9.01 EXHIBITS
99.1 Press release regarding sales for the five, thirteen and fifty-two week
periods ended December 27, 2008 and confirming the Company is revising
its previous guidance for the fourth fiscal quarter of 2008 and the
fiscal 2008 year.
99.2 Press release announcing the approval of the Repurchase Program.
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES AND EXCHANGE ACT OF 1934,
THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED HEREUNTO DULY AUTHORIZED.
DATED: JANUARY 8, 2009 CACHE, INC.
BY: /s/ Margaret Feeney
---------------------------------
Margaret Feeney
Executive Vice President and
Chief Financial Officer
EXHIBIT 99.1
[GRAPHIC OMITTED]
Company Contact: Maggie Feeney
Executive Vice President And
Chief Financial Officer
Cache Inc.
(212) 575-3206
Final For Release Investor Relations: Allison Malkin/Jane Thorn Leeson
Integrated Corporate Relations
(203) 682-8225/(646) 277-1223
CACHE REPORTS 19 PERCENT COMPARABLE STORE SALES DECREASE IN DECEMBER
2008
Revises Fourth Quarter and Fiscal 2008 Guidance
New York, New York - January 8, 2009 - Cache Inc., (NASDAQ: CACH), a
specialty chain of women's apparel stores with 294 stores open, reported
December 2008 sales figures. The Company's December fiscal month represents the
five-week period ended December 27, 2008 and therefore does not include the
final week of December.
For the 5-week period ended December 27, 2008, comparable store sales
(sales for stores open at least one year or more) decreased 19%, as compared to
a decrease of 10% in the prior-year period ending December 29, 2007. Total net
sales for the 5-week period decreased $6.6 million or 18% to $29.1 million, as
compared to last year.
For the 13-week period ended December 27, 2008, comparable store sales
decreased 17%, as compared to a decrease of 7% in the prior-year period ending
December 29, 2007. Total net sales for the 13-week period decreased $12.6
million, or 16% to $65.9 million, as compared to last year.
For the 52-week period ended December 27, 2008, comparable store sales
decreased 4%, as compared to a decrease of 1% in the same period in 2007. Total
net sales for the 52-week period decreased $8.7 million, or 3% to $265.8
million, as compared to $275.9 million last year.
Thomas Reinckens, Chairman and CEO of Cache, Inc. commented: "Holiday
2008 was quite challenging for our Company, as the soft consumer spending
environment continued to weaken throughout this important time of year. During
December, we moved aggressively to clear fall and holiday inventory. As a
result, we accelerated markdowns typically taken in January, while initiating
further expense reductions in expectation that the economy will continue to be
difficult in 2009. While we are disappointed with our results, we believe the
actions we are taking will allow us to begin 2009 with a strengthened balance
sheet and positioned for maximum cash flow generation. To this end, we expect to
end the year with average inventory per store down in the range of 30% to 35%
from the prior year end and with approximately $30 million in cash and
marketable securities. In addition, we are maintaining our strong commitment to
provide fashion conscious consumers great assortments. Our emphasis in the
spring selling season will be merchandise newness, particularly in the casual
arena."
During the quarter, the Company opened two new stores and closed one
store. The Company closed two additional stores in early January and currently
operates 294 locations.
OUTLOOK
Based on the Company's December sales results, it is revising its
fourth quarter and fiscal 2008 guidance. The Company currently expects fourth
quarter loss per share in a range of $(0.36) to $(0.38), which includes
approximately $0.03 per share in store impairment costs, as compared to actual
fourth quarter fiscal 2007 diluted earnings per share of $0.32.
For the full fiscal 2008 year, the Company currently estimates loss
per share in the range of $(0.48) to $(0.50). This guidance includes costs
related to store closures, store impairment and a management change totaling
$0.21 per share. On an adjusted basis, excluding store closing and management
change costs, the Company currently expects fiscal 2008 loss per share in the
range of $(0.27) to $(0.29), as compared to actual fiscal 2007 diluted earnings
per share of $0.40, inclusive of $0.04 per diluted share in legal settlement
costs. Adjusted diluted earnings per share for fiscal 2007 were $0.44.
ABOUT CACHE, INC.
Cache is a nationwide, mall-based specialty retailer of sophisticated,
social occasion sportswear and dresses targeting style-conscious women. Cache
targets women between the ages of 25 and 45 who have a youthful attitude, are
self-confident and fashion-conscious, and require a missy fit. We operate 294
Cache and Cache Luxe stores primarily situated in central locations in high
traffic, upscale malls in 43 states, the Virgin Islands and Puerto Rico.
Certain matters discussed within this press release may constitute
forward-looking statements within the meaning of the federal securities laws.
Although Cache, Inc. believes the statements are based on reasonable
assumptions, there can be no assurance that these expectations will be attained.
Actual results and timing of certain events could differ materially from those
projected in or contemplated by the forward-looking statements due to a number
of factors, including, without limitation, ability to successfully open new
stores, introduction of the Cache Luxe concept, dependence on management,
dependence on vendors and distributors, reliance on foreign manufacturers,
material weakness in our internal controls, industry trends, merchandise and
fashion trends, competition, seasonality and changes in general economic
conditions and consumer spending patterns, as well as other risks outlined from
time to time in the filings of Cache, Inc. with the Securities and Exchange
Commission.
EXHIBIT 99.2
[GRAPHIC OMITTED]
Company Contact: Maggie Feeney
Executive Vice President And
Chief Financial Officer
Cache Inc.
(212) 575-3206
Final For Release Investor Relations: Allison Malkin/Jane Thorn Leeson
Integrated Corporate Relations
(203) 682-8225/(646) 277-1223
CACHE BOARD APPROVES 1 MILLION SHARE BUYBACK
New York, NY - January 8, 2009 - Cache Inc., (NASDAQ: CACH), a
specialty chain of women's apparel stores with 294 stores currently open,
announced that its Board of Directors has approved a new 1 million share
repurchase program. The Company plans to execute this program through the open
market or in privately negotiated transactions, in accordance with SEC
requirements. As of September 27, 2008, the Company had 13,243,000 shares of
common stock outstanding.
Thomas Reinckens, Cache's Chairman and Chief Executive Officer
commented: "We believe the board's decision to continue our share repurchase
program reflects our Company's strong financial position and commitment to
increase shareholder value. In the past year, Cache has utilized $15 million to
fund the repurchase of more than 1.6 million shares. Despite a difficult
economy, our Company is expected to end the year with approximately $30 million
in cash. We remain focused on providing Cache customers with desirable fashions
while emphasizing inventory and cost discipline. We believe this strategy will
enable us to maximize cash flow in the near term and leave us well positioned to
capitalize on the significant growth opportunities that exist for our Company
longer term."
ABOUT CACHE, INC.
Cache is a nationwide, mall-based specialty retailer of sophisticated,
social occasion sportswear and dresses targeting style-conscious women. Cache
targets women between the ages of 25 and 45 who have a youthful attitude, are
self-confident and fashion-conscious, and require a missy fit. We operate 294
Cache and Cache Luxe stores primarily situated in central locations in high
traffic, upscale malls in 43 states, the Virgin Islands and Puerto Rico.
Certain matters discussed within this press release may constitute
forward-looking statements within the meaning of the federal securities laws.
Although Cache, Inc. believes the statements are based on reasonable
assumptions, there can be no assurance that these expectations will be attained.
Actual results and timing of certain events could differ materially from those
projected in or contemplated by the forward-looking statements due to a number
of factors, including, without limitation, ability to successfully open new
stores, introduction of the Cache Luxe concept, dependence on management,
dependence on vendors and distributors, reliance on foreign manufacturers,
material weakness in our internal controls, industry trends, merchandise and
fashion trends, competition, seasonality and changes in general economic
conditions and consumer spending patterns, as well as other risks outlined from
time to time in the filings of Cache, Inc. with the Securities and Exchange
Commission.