Women's apparel retailer Cato reaffirms Q4 & full year EPS estimate
09 Feb '07
3 min read
The Cato Corporation reported sales of $69.3 million for the five weeks ended February 3, 2007 as compared to sales of $54.2 million for the four-week period ended January 28, 2006, an increase of 28%. The fiscal year ended February 3, 2007 contains 53 weeks versus 52 weeks in fiscal year ended January 28, 2006.
January 2007 contains five weeks versus four weeks in January 2006. On a comparable five-week basis, total sales for the month decreased 5% and comparable store sales decreased 7% from last year.
Sales for fiscal fourth quarter ended February 3, 2007 were $230.7 million as compared to sales of $220.5 million for the fourth quarter ended January 28, 2006, an increase of 5%.
On a comparable 14-week basis, total sales for the quarter decreased 3%, and comparable store sales decreased 6% from last year. The Company's sales for fiscal 2006 were $862.8 million as compared to fiscal 2005 sales of $821.6 million, a 5% increase. On a comparable 53-week basis, total sales for the fiscal year ended February 3, 2007 increased 3% and comparable store sales decreased 2% from last year.
"January sales continued to be primarily impacted by a general weakness in our business and, to a lesser extent, weather and unfavorable comparisons to last year due to hurricane relief spending," commented John Cato, Chairman, President, and Chief Executive Officer. "We remain comfortable with our previous guidance of estimated fourth quarter earnings per diluted share in a range of $.34 to $.36 versus $.37 last year. The estimated range includes $0.02 for hurricane-related insurance claims resolved in January.”