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Cato reports August comp store sales down 8%
05 Sep '08
2 min read
The Cato Corporation reported sales for the four weeks ended August 30, 2008 of $55.6 million, a 6% decrease from sales of $59.2 million for the four week period ended September 1, 2007. Comparable store sales decreased 8%.
Sales for the thirty weeks ended August 30, 2008 were $512.3 million, an increase of 2% over sales of $502.3 million for the thirty weeks ended September 1, 2007. The Company's year-to-date comparable store sales decreased 1%.
"August comparable sales reflect the continuing difficult economic situation our customer is facing," commented John Cato, Chairman, President, and Chief Executive Officer.
The Company had 76 stores closed at least temporarily during Hurricane Gustav. A small number of stores remain closed. The Company does not expect any loss due to damages incurred to be significant.
During the month of August, the Company opened six new stores and relocated one store. New stores opened in Anniston, AL, Apache Junction, AZ, Winter Haven, FL, Marion, IL, Minden, LA, and Booneville, MS.
The Company officially closed one store that had been extensively damaged by a tornado earlier in the year. As of August 30, 2008, the Company operated 1,292 stores in 30 states, compared to 1,308 stores in 31 states as of September 1, 2007.
Sales for the thirty weeks ended August 30, 2008 were $512.3 million, an increase of 2% over sales of $502.3 million for the thirty weeks ended September 1, 2007. The Company's year-to-date comparable store sales decreased 1%.
"August comparable sales reflect the continuing difficult economic situation our customer is facing," commented John Cato, Chairman, President, and Chief Executive Officer.
The Company had 76 stores closed at least temporarily during Hurricane Gustav. A small number of stores remain closed. The Company does not expect any loss due to damages incurred to be significant.
During the month of August, the Company opened six new stores and relocated one store. New stores opened in Anniston, AL, Apache Junction, AZ, Winter Haven, FL, Marion, IL, Minden, LA, and Booneville, MS.
The Company officially closed one store that had been extensively damaged by a tornado earlier in the year. As of August 30, 2008, the Company operated 1,292 stores in 30 states, compared to 1,308 stores in 31 states as of September 1, 2007.
Cato Corporation
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