United States Of America : Women's apparel retailer Cato raises previous guidance

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Women's apparel retailer Cato raises previous guidance

10
Jul '08

The Cato Corporation reported sales of $88.3 million for the five weeks ended July 5, 2008, a 7% increase over sales of $82.3 million for the five weeks ended July 7, 2007. Comparable store sales for the five-week period increased 4%.

Sales for the twenty-two weeks ended July 5, 2008 were $394.6 million, a 3% increase over sales of $382.4 million for the twenty-two weeks ended July 7, 2007. The Company's year-to-date comparable store sales were flat to the prior year.

"June sales were better than expected, however, we continue to believe the retail environment will remain difficult," commented John Cato, Chairman, President, and Chief Executive Officer.

"We continue to manage inventory tightly and have experienced better sell-throughs of regular price and markdown merchandise. We now expect second quarter earnings per diluted share to be in the range of $.42 to $.44 versus our previous guidance of $.28 to $.33 and $.39 last year."

During the month of June, the Company opened two new stores and closed one store. New stores opened in Guthrie, OK and El Paso, TX. The closed store was extensively damaged by a tornado and will not be reopened. As of July 5, 2008, The Cato Corporation operated 1,330 stores in 32 states, compared to 1,301 stores in 31 states as of July 7, 2007.

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