Cato expects Q3 EPS to be in range of previous guidance

14 Nov '07

2 min read

The Cato Corporation reported sales for the four weeks ended November 3, 2007 of $56.9 million, a 5% decrease from sales of $59.6 million for the four week period ended October 28, 2006. Comparable store sales for the month decreased 8%.

Sales for the third quarter ended November 3, 2007 were $181.9 million, a 3% decrease from sales of $187.7 million for the third quarter ended October 28, 2006. Comparable store sales for the third quarter decreased 5% from the prior year.

Sales for the thirty-nine weeks ended November 3, 2007 were $625.0 million, a decrease of 1% from sales of $632.1 million for the thirty-nine weeks ended October 28, 2006. The Company's year-to-date comparable store sales decreased 3% from the prior year.

"October comparable store sales continued to be impacted by warmer than normal weather," stated John Cato, Chairman, President, and Chief Executive Officer. "We expect third quarter earnings per diluted share to be within our previous guidance range of $.07 to $.09 versus $.18 last year."

The Company will release third quarter financial results on Thursday, November 29, 2007.

During the month of October, the Company opened 12 stores and relocated three stores. New stores opened in Mattoon, IL, Oakdale, LA, Cincinnati, OH, Broken Arrow, OK, Abilene, Alamo, Beeville, Mineral Wells, Plano, and Silsbee, TX and Chesapeake, VA (2 stores). The relocated stores were in Wadesboro, NC, Spartanburg, SC and Brownsville, TN.

Year-to-date the Company has opened 49 new stores, relocated 16 stores, and closed four stores. As of November 3, 2007, the Company operated 1,321 stores in 31 states, compared to 1,270 stores in 31 states as of October 28, 2006.

Cato Corporation

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