Specialty fashion apparel and accessories retailer The Cato Corporation (CATO) Thursday said its same-store sales for the five week ended April 6 dipped from the comparable period last year, while net sales increased. The company said March sales were negatively impacted by by the shift of Easter to late March this year versus early April last year. The firm however, expects April to be favorably impacted.
For the period, the firm posted net sales of $105.6 million, a 2 percent increase over sales of $103.9 million recorded for the prior comparable period. However, comparable store sales for the month slid 11 percent.
Commenting on the results, John Cato, Chief Executive Officer said, "March sales continued to be difficult. The Easter selling season, which is historically our strongest quarter, continued to see a declining trend in sales. This was compounded by the colder weather compared to last year's unusually warm March."
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