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Cato reports October comp store sales down 5%

02 Nov '06

2 min read

The Cato Corporation reported sales for the four weeks ended October 28, 2006 of $59.6 million, a 1 percent decrease from sales of $60.3 million for the four week period ended October 29, 2005. Comparable store sales for the month decreased 5 percent.

Sales for the third quarter ended October 28, 2006 were $187.7 million, a 6 percent increase over sales of $177.8 million for the third quarter ended October 29, 2005. Comparable store sales for the quarter were flat to the prior year.

Sales for the thirty-nine weeks ended October 28, 2006 were $632.1 million, an increase of 5 percent from sales of $601.1 million for the thirty-nine weeks ended October 29, 2005. The Company's year-to-date comparable store sales were flat to the prior year.

"October comparable store sales were negatively impacted due to hurricane spending and cooler weather during October 2005," stated John Cato, Chairman, President, and Chief Executive Officer.

"We expect third quarter earnings per diluted share to be at the high end of our previous range of $.15 to $.17 versus $.13 last year. This guidance does not reflect proceeds from currently unresolved insurance claims related to last year's hurricanes."

The Company will release third quarter financial results on Tuesday, November 14, 2006.

During the month of October, the Company opened four stores, relocated two stores and closed three stores. New stores opened in Springville, AL, Baker, LA, Sioux City, NE, and Lubbock. The two relocated stores were both in High Point.

Year-to-date the Company has opened 38 new stores, relocated 15 stores, and closed 12 stores. As of October 28, 2006, the Company operated 1,270 stores in 31 states, compared to 1,222 stores in 31 states as of October 29, 2005.

The Cato Corporation

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