Cato remains comfortable with previous Q2 EPS guidance range
10 Aug '07
2 min read
The Cato Corporation reported sales of $60.7 million for the four weeks ended August 4, 2007, an increase of 1% over sales of $60.3 million for the four weeks ended July 29, 2006. Comparable store sales for the month decreased 5%.
Sales for the second quarter ended August 4, 2007 were $219.0 million, a 2% increase over sales of $214.6 million for the second quarter ended July 29, 2006. Second quarter comparable store sales decreased 1%.
Sales for the first half were $443.1 million, flat compared to the prior year's first half sales of $444.4 million. Comparable store sales for the first half decreased 3% from first half 2006.
"Our comparable sales trended down as we progressed through the month of July. Overall, our sales trends were weaker in July than earlier in the quarter. We have continued to manage our inventory levels as sales trends have declined heading in to the third quarter," commented John Cato, Chairman, President, and Chief Executive Officer.
"We are confirming our previous guidance of second quarter earnings per diluted share of $.35 to $.37 versus $.38 last year."
The Company will release second quarter results on Thursday, August 23, 2007.
During the month of July, the Company opened five stores in Arvada, CO, Johnson City, TN, and Brownsville, Friendswood and San Antonio, TX.
During the first half, the Company opened 31 new stores, relocated 10 stores, and closed one store. As of July 29, 2006,The Cato Corporation operated 1,306 stores in 31 states, compared to 1,259 stores in 31 states as of July 29, 2006.