Sales for the thirty weeks ended August 31, 2013 were $555.8 million, down 2% to sales of $566.4 million for the thirty weeks ended August 25, 2012. The Company's year-to-date same-store sales decreased 3%.
"August same-store sales were within our range of expectations and consistent with our current trend. We remain cautious in regard to the remainder of the year," commented John Cato, Chairman, President, and Chief Executive Officer.
During the month of August, the Company opened new stores in Las Vegas, NV, Sidney, OH, and Amarillo, TX. This is the company's first store in Nevada. As of August 31, 2013, the Company operated 1,309 stores in 32 states, compared to 1,298 stores in 31 states as of August 25, 2012.
The Cato Corporation is a leading specialty retailer of value-priced fashion apparel and accessories operating three concepts, "Cato", "Versona" and "It's Fashion".
The Company's Cato stores offer exclusive merchandise with fashion and quality comparable to mall specialty stores at low prices every day. Versona is a unique fashion destination offering accessories and apparel including jewelry, handbags and shoes at exceptional prices every day. It's Fashion offers fashion with a focus on the latest trendy styles for the entire family at low prices every day.