Cato Corp. (CATO) reported an increase in third-quarter net income to $2.98 million from $0.82 million a year ago, on an unrounded basis. Earnings per share for the third quarter were $0.10 compared with $0.03 last year, an increase of 233%. On average, 2 analysts polled by Thomson Reuters expected earnings per share of $0.09 for the quarter. Analysts' estimate typically excludes one-time items.
Sales for the third quarter ended October 31, 2009 were $190.97 million, a 6% increase over $179.84 million in the comparable period.
The company said it is maintaining its original guidance for fourth quarter earnings per share in the range of $0.08 to $0.13.
For the full year, the company raised its earnings outlook to range between $1.38 and $1.43 per share from its prior outlook of $1.21 and $1.29 per share. Two analysts estimate earnings per share of $1.43 for the year.
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