Cache Inc. (CACH) reported that its fourth-quarter net loss totaled $5.5 million or $0.41 per share, compared to net income of $1.9 million or $0.14 per share, in the prior year period.
The latest-quarter result included a $2.5 million or, $0.18 per share, tax valuation allowance charge and a $682,000 or $0.05 per share, non-cash asset impairment charge.
The prior year quarter result included a $562,000 or $0.04 per share, benefit from the reversal of the tax valuation allowance against net deferred tax assets; a $396,000, or $0.03 per share, non-cash store impairment charge; and a $190,000, or $0.02 per share, benefit from a gain on note payable settlement.
Adjusted net loss for the quarter was $2.4 million, or $0.18 per share, compared to adjusted net income of $1.5 million, or $0.11 per share, in the fourth quarter of fiscal 2011. Analysts polled by Thomson Reuters expected the company to report a loss of $0.11 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales decreased 3.3% to $60.8 million from $62.9 million in the fourth quarter of fiscal 2011. Comparable store sales decreased 0.7%, compared to an increase of 12.4% in the fourth quarter of fiscal 2011.
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