Cache shrinks net loss in Q1
New York – A shrinking net loss was the only positive result from the tough first quarter fiscal 2014 numbers posted by Cache Inc. Net loss shrank to $10.8 million from $17.8 million in the same quarter a year earlier.
Cache’s net sales dropped 11% to $47.4 million, from $53.5 million. Same-store sales declined 8.9%, with the shift in Easter contributing. Jay Margolis, chairman and CEO of Cache, tried to strike an encouraging tone.
“We had a disappointing start to the year with strength across our dress assortments more than offset by too narrow of an assortment in key casual bottoms, and the decision not to move forward with certain casual and accessories offerings that were inconsistent with our brand positioning,” said Margolis. “This, along with lower mall traffic throughout the quarter, store closings as a result of winter snowstorms and the later Easter holiday impacted our sales and profitability. To this end, we were pleased with the response to our dress assortments in long, short, day and evening categories. At quarter end, dresses represented 55% of our total sales compared to 44% a year ago.”
Oink expands Channel Partner Program
Virtual Piggy, provider of Oink, a payment technology for families and teens, is expanding its Channel Partner Program by teaming up with commerce solutions provider Gorilla Group.
Gorilla’s clients include Franklin, Bonobos, Riot Games, Zynga and Movado. The company is aligned to help leading B2B and direct-to-consumer brands succeed online.
"Oink has taken the desire that parents have to give their kids the freedom to spend their allowance as they choose, yet still allow them to oversee what their kids are buying. It’s pure genius. Oink found a niche in the overcrowded payments space and they are serving it extremely well," said Caleb Bryant, head of e-commerce at Gorilla.
“As a results-orientated industry leader, Gorilla is an excellent addition to our Channel Partner Program. With their in-depth knowledge of the Magento platform and broad client base, we look forward to working together to further expand the footprint of Oink payments to e-commerce sites nationwide,” said Dr. Jo Webber, CEO & Founder of Oink.
Michael Kors names Toys ‘R’ Us exec as VP operations
Hong Kong – Michael Kors Holdings Ltd. has named Cathy Marie Robinson as senior VP, global operations effective. Robinson has 24 years’ experience in operations, logistics and supply chain management at various retail companies, and since 2012 was senior VP, chief logistics officer at Toys “R” Us.
From 2010 to 2012, Robinson was the senior VP, supply, logistics and customer experience at The Great Atlantic & Pacific Tea Company (A&P). Robinson began her career as a United States Army logistics officer and also held various logistics and operations positions at Wal-Mart Stores Inc.
“We are pleased that Marie will be joining our executive team,” said John D. Idol, chairman and CEO of Michael Kors. “Her significant experience managing global supply chain operations for large retail distribution networks, both brick-and-mortar and online, will be instrumental to us as we develop a world-class distribution network to meet the growing demand for our brand.”