"October sales benefited from some cooler weather during the month relative to the prior year. However, we continue to expect a difficult sales environment through the fourth quarter. We now estimate that third quarter earnings per diluted share will be in the range of $.13 to $.15 versus $.16 last year and up from our previous guidance of the higher end of the range of $.02 to $.09," commented John Cato, Chairman, President, and Chief Executive Officer.
During the month of October, the Company opened six stores and relocated one store. New stores opened in Flint, MI, Lee's Summit, MO, Durham, NC, Norman, OK, Altoona, PA and Irving, TX. The relocated store is in Morganton, NC.
Year-to-date, the Company has opened 16 new stores, relocated four stores, and closed eight stores. As of November 2, 2013, the Company operated 1,318 stores in 32 states, compared to 1,306 stores in 31 states as of October 27, 2012.
The Company will release third quarter financial results on Thursday, November 21, 2013.
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. Versona is a unique fashion destination offering accessories and apparel including jewelry, handbags and shoes at exceptional prices every day. It's Fashion offers fashion with a focus on the latest trendy styles for the entire family at low prices every day.
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