Warm weather helps improve Cato Corp sales

07 Mar '08

1 min read

The Cato Corporation reported sales for the four weeks ended March 1, 2008 of $67.2 million, a 4% increase over sales of $64.9 million for the four week period ended March 3, 2007. Comparable store sales for the month were up 3% over the prior year.

"Warmer weather during the first half of February resulted in positive comparable store sales trends," commented John Cato, Chairman, President, and Chief Executive Officer. "Sales were better in both regular priced and clearance goods.

Our inventory position is fresh and in line with our sales expectations. Due to the continuing weak economic conditions, we expect flat to single digit negative comparable store sales trends for the first quarter of 2008."

The Company opened six stores and closed three stores during February. New stores opened in Tempe, AZ, Alma and Pine Bluff, AR, Jackson and Meridian, MS, and Danville, VA. One of the closed stores was damaged by a tornado and there is no expectation to rebuild at this time. As of March 1, 2008, the Company operated 1,321 stores in 32 states, compared to 1,278 stores in 31 states as of March 3, 2007.

The Cato Corporation

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