Cato Corp Q1 FY20: revenues $101 mn; net loss $28 mn

05 Jun '20

1 min read

Pic: Cato Corporation

The Cato Corporation, a retailer of women's fashions and accessories, has announced its first quarter (Q1) FY20 results. Total revenues for the quarter ended on May 2, 2020, fell to $100.7 million compared to $230.3 million in same period prior year. Company reported net loss of $28.4 million compared to net income of $21.2 million in Q1 FY19.

“With the health and safety of our associates and customers in mind, Cato closed its stores on March 19, along with most non-essential retailers. We were able to reopen approximately 700 of our 1,300 stores May 1, and hope to have the rest reopened by early June," John Cato, chairman, president, and chief executive officer, said in a press release.

During the quarter the company opened 24 new stores and permanently closed 5 stores. At present, the company has reopened approximately 1,175 stores in compliance with state and local health and safety guidelines, with the remainder expected to be reopened by early June. As of May 2, 2020, the company has 1,300 stores in 31 states, compared to 1,302 stores in 31 states as of May 4, 2019.

Fibre2Fashion News Desk (JL)

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