Cache 3Q Profit Falls

New York City, Cache Inc. on Wednesday said its third-quarter earnings fell 77% as the company increased markdowns to clear summer merchandise.

Quarterly net income fell to $161,000 from $690,000 in the year-ago period. Revenue rose 1% to $60.6 million from $59.9 million, while same-store sales rose 4% in the quarter, Cache said.