Cache 2nd-quarter profit slips 60 percent

NEW YORK (AP) — Women's apparel retailer Cache Inc. on Monday said second-quarter earnings dropped 60 percent as waning consumer spending hurt same-store sales, but still managed to top Wall Street expectations.

Earnings for the quarter declined to $845,000, or 7 cents per share, from $2.11 million, or 16 cents per share, a year earlier.

Sales slipped 23 percent amid weak consumer spending to $56.9 million from $74 million a year earlier. Same-store sales, or sales at stores open at least one year, dropped 23 percent.

Analysts polled by Thomson Reuters expected earnings of 6 cents and revenue of $58.6 million.

The company expects improvement in same-store sales because of its fall clothing line.

Cache expects a third-quarter loss between 17 cents and a loss of 22 cents per share.

Sales will range between $48 million and $50 million, with same-store sales declining in a percentage range of the mid to high teens.

Analysts expect a loss of 8 cents per share and revenue of $51.5 million.