The Cato Corporation reported sales of $61.6 million for the four weeks ended August 3, 2013, down 3% to sales of $63.4 million for the four weeks ended July 28, 2012. Same-store sales for the month were down 5% to the prior year.
Sales for the second quarter ended August 3, 2013 were $229.4 million, down 1% from sales of $231.5 million for the second quarter ended July 28, 2012. Second quarter same-store sales decreased 2%.
Sales for the first half were $496.6 million, down 2% to the prior year's first half sales of $504.2 million. Same-store sales for the first half were down 4% to the prior year.
"July same-store sales reflect the continuing economic uncertainty and the related volatility we have seen throughout much of the year," commented John Cato, Chairman, President, and Chief Executive Officer. "We now expect second quarter earnings per diluted share to be at the high end of our original range of $.42 to $.48 vs. $.59 last year, a decrease of 29% to 19%."
The Company will release second quarter results on Thursday, August 22, 2013.
As of August 3, 2013, The Cato Corporation operated 1,306 stores in 31 states, compared to 1,295 stores in 31 states as of July 28, 2012.
The Cato Corporation is a leading specialty retailer of value-priced fashion apparel and accessories operating three concepts, "Cato", "Versona" and "It's Fashion". The Company's Cato stores offer exclusive merchandise with fashion and quality comparable to mall specialty stores at low prices every day.