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Cato Q4’FY14 net income nearly halves

March 21, 2014 (United States Of America)

The Cato Corporation reported net income for the fourth quarter and year ended February 1, 2014. For the fourth quarter, the Company reported net income of $3.8 million or $0.13 per diluted share, compared to net income of $7.9 million or $0.27 per diluted share for the fourth quarter ended February 2, 2013.  For the quarter, net income and earnings per diluted share both decreased 52% from the prior year.  
 
Full year fiscal 2013 net income was $54.3 million or $1.86 per diluted share compared to $61.7 million or $2.11 per diluted share for 2012.  For the year, both net income and earnings per diluted share decreased 12% from the prior year.  Fiscal 2013 includes 52 weeks versus 53 weeks in 2012.
 
Sales for fiscal fourth quarter ended February 1, 2014 were $215.2 million, a decrease of 7% from sales of $232.0 million for the fourth quarter ended February 2, 2013.  On a comparable 13-week basis, total sales for the quarter decreased 1% and same-store sales decreased 3% from last year.  For the year, the Company's sales decreased 2% to $910.5 million from 2012 sales of $933.8 million.  On a comparable 52-week basis, total sales for the fiscal year ended February 1, 2014 decreased 1% and same-store sales decreased 3% from 2012.
 
"Results for 2013 were negatively impacted by the continuing difficult economic situation our customers have faced for some time now," commented John Cato, Chairman, President and Chief Executive Officer. "Even with the very challenging environment, we have continued to grow our store base, manage our inventory, control costs and, most importantly, remain profitable.  
 
We have also continued to invest in our business by renovating and expanding facilities, upgrading systems and launching an e-commerce website in November.  The e-commerce website launch went very smoothly and has been well received by customers.  However, we do not expect e-commerce to have significant impact on 2014 results.  
 
In regard to the fourth quarter, earnings were impacted by a very promotional holiday sales season as well as a number of winter storms in December and January.  Also, the comparison of fourth quarter results to the prior year is negatively impacted by the fact this year had one less week than the prior year period."
 
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