Cache Swings to 3Q Loss

New York City Cache Inc. said Friday it swung to a third-quarter loss, as consumers cut back on spending amid a struggling economy.

Losses for the quarter ended Sept. 27 totaled $1.6 million compared with a profit of $161,000 in the year-ago period.

Revenue fell 4% to $58.1 million from $60.6 million last year.

Same-store sales fell 4% during the quarter.

Mall traffic and consumer spending fell during the quarter, hurting sales and profitability, the company said.

The company expects full-year guidance will come in at the low end of its targeted range and predicts same-store sales will continue to be negative in the fourth quarter.