After the close on Tuesday, Cache (CACH: sentiment, chart, options) announced disappointing March sales and trimmed its forecast for the first quarter and the year. March same-store sales were flat, while total sales for the month slipped 0.7 percent to $29.1 million. First-quarter same-store sales edged three percent higher, and total sales for the period rose 0.8 percent to $64.3 million.
The retailer slashed its first-quarter outlook to a range of breakeven to one cent per share, well below its previous forecast of 17-19 cents per share. For the full year, earnings are expected at 75-80 cents per share, versus prior guidance of $1.15 - $1.20 per share. Net sales for the year are currently estimated in the range of $284 million to $290 million, down from the previous forecast range of $296 million to $302 million. Analysts are currently expecting first-quarter earnings of 14 cents per share on sales of $67 million and full-year earnings of $1.35 per share on sales of $326 million.
The equity is currently down one percent at $17.07, bouncing back from its intraday low of $15.46. The shares are currently holding above previous support at the 16 level. The equity has drifted lower under resistance at its 10-day and 20-day moving averages since mid-December.
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