logo
Share SHARE
FONT-SIZE Plus   Neg

Cato Sept. Sales, Comps Down; Sees Significantly Lower FY Earnings - Quick Facts

Cato Corp. (CATO), a specialty retailer of value-priced fashion apparel and accessories, reported Thursday that its sales for the month of September were $69.8 million, an 8% decrease from sales of $76.2 million last year.

Same-store sales for the five-week period decreased 11% from the prior year.

Sales for the thirty-five weeks ended September 30 were $568.7 million, down 14%. The company's year-to-date same-store sales decreased 14% from the prior year.

John Cato, Chairman, President, and Chief Executive Officer, said, "Negative sales trends continue to put severe pressure on merchandise margins and profitability as we continue to work through our merchandise missteps. It is taking longer to work through these issues than expected and we expect full year earnings to be significantly below last year."

As of September 30, Cato operated 1,369 stores in 33 states, compared to 1,373 stores in 33 states as of October 1, 2016.

In pre-market activity, Cato shares were losing around 1.31 percent to $12.85.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Poultry giant Sanderson Farms has blamed the national anthem protests in National Football League for its lower sales for the fourth-quarter and full year. Sanderson Farms, which is one of the biggest chicken providers in the US, said that NFL protests involving players taking a knee during the national... Amazon would reportedly sell Google's Chromecast streaming adapter for this Christmas. The online retailer giant has banned the product from its site for the last two years and has presumably settle the issues. Though the product is not available for sale, it has listed 4K-capable Chromecast Ultra adapter. Europe's no-frills airline Ryanair recognized pilot union for a smooth holiday season ahead. The airline had a discussion with its pilots union in Britain, Germany, Italy, Spain, Ireland, Portugal to iron out the issues. The pilots working for Ryanair have been enjoying different status and many of them were reportedly not in the rolls as full timers.
comments powered by Disqus
Follow RTT