The Cato Corporation, a US-based retailer of women's fashions and accessories, reported 21 per cent sales decline to $166.3 million in its second quarter (Q2) FY20 ended on August 1, 2020, compared to $210.4 million in same period last year. Company incurred a net loss of $7.2 million during the quarter compared to net income of $11.9 million in Q2 FY19.
The Cato Corporation, a US-based retailer of women's fashions and accessories, reported 21 per cent sales decline to $166.3 million in its second quarter (Q2) FY20 ended on August 1, 2020, compared to $210.4 million in same period last year. Company incurred a net loss of $7.2 million during the quarter compared to net income of $11.9 million in Q2 FY19.#
“Sales softened through the quarter and into early August. As we see this trend continuing, we are cautious about the second half of the year,” John Cato, chairman, president, and chief executive officer at Cato Corporation, said in a press release.
The Cato Corporation, a US-based retailer of women's fashions and accessories, reported 21 per cent sales decline to $166.3 million in its second quarter (Q2) FY20 ended on August 1, 2020, compared to $210.4 million in same period last year. Company incurred a net loss of $7.2 million during the quarter compared to net income of $11.9 million in Q2 FY19.#
Gross margin for the quarter fell to $33.5 million (Q2 FY19: $79.9 million). Selling, general and administrative expenses were $43.9 million ($66.0 million).
The Cato Corporation, a US-based retailer of women's fashions and accessories, reported 21 per cent sales decline to $166.3 million in its second quarter (Q2) FY20 ended on August 1, 2020, compared to $210.4 million in same period last year. Company incurred a net loss of $7.2 million during the quarter compared to net income of $11.9 million in Q2 FY19.#
During the second quarter, company opened 36 new stores which were previously committed, relocated 1 store and permanently closed 3 stores.
Fibre2Fashion News Desk (JL)
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