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SMALL BUSINESS
Cache shares fall on weak 3rd-quarter guidance
NEW YORK (AP) — Shares of Cache Inc. fell on Tuesday, after the apparel retailer said it expects a wider third-quarter loss than Wall Street amid continued weak demand for its merchandise.
On Monday, the New York-based company said its second-quarter profit fell 60 percent, but results still beat analyst predictions. However, the company said it expects a loss of 17 cents to 22 cents per share for the third quarter. Analysts polled by Thomson Reuters anticipate a loss of 8 cents per share.
Sterne Agee analyst Margaret Whitfield said despite the weak guidance, the fourth quarter is the company's seasonally strongest so she expects a return to profitability at that time.
She kept her "Neutral" rating on the stock.
Shares slipped 30 cents, or 7.4 percent, to $3.75 in afternoon trading Tuesday. The stock has traded between $1.41 and $14.86 during the past 52 weeks.