Cato's inventory remains in line with sales

05 Jun '08

1 min read

The Cato Corporation reported sales of $80.5 million for the four weeks ended May 31, 2008, a 6% increase over sales of $75.9 million for the four weeks ended June 2, 2007. Comparable store sales for the month increased 2%.

Sales for the seventeen weeks ended May 31, 2008 were $306.3 million, a 2% increase over sales of $300.1 million for the seventeen weeks ended June 2, 2007. The Company's year-to-date comparable store sales decreased 1%.

"May sales were better than expected," commented John Cato, the Company's Chairman, President, and Chief Executive Officer. "Our inventory remains in line with our sales trend. We remain cautious regarding the economic environment and its impact on our customer base."

During the month of May, the Company opened four new stores and closed one store. The new stores are in Talladega, AL, Chiefland, FL, Laurinburg, NC and Killeen, TX. As of May 31, 2008, the Company operated 1,329 stores in 32 states, compared to 1,290 stores in 31 states as of June 2, 2007.

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