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Women's apparel retailer Cato sales weak in Sept
11 Oct '07
2 min read
The Cato Corporation reported sales of $65.8 million for the five weeks ended October 6, 2007, a decrease of 3% from sales of $67.7 million for the five weeks ended September 30, 2006. Comparable store sales for the five-week period were down 7% from the prior year.
Sales for the thirty-five weeks ended October 6, 2007 were $568.1 million, a decrease of 1% from sales of $572.4 million for the thirty-five weeks ended September 30, 2006. The Company's year-to-date comparable store sales decreased 3%.
"September sales were weaker than expected and below our year-to-date trend," stated John Cato, Chairman, President, and Chief Executive Officer. "With our current sales trend continuing into October, we now expect third quarter earnings per diluted share to be in the range of $0.07 to $0.09 versus our previous guidance of $0.10 to $0.15 and $0.18 last year."
During the month of September, the Company opened two new stores, relocated one store, and closed one store. New stores opened in Hillsborough, NC and Nacogdoches, TX. The relocated store is in Humboldt, TN. As of October 6, 2007, The Cato Corporation operated 1,309 stores in 31 states, compared to 1,269 stores in 31 states as of September 30, 2006. The Company now expects to open 60 to 65 new stores in fiscal 2007.
Sales for the thirty-five weeks ended October 6, 2007 were $568.1 million, a decrease of 1% from sales of $572.4 million for the thirty-five weeks ended September 30, 2006. The Company's year-to-date comparable store sales decreased 3%.
"September sales were weaker than expected and below our year-to-date trend," stated John Cato, Chairman, President, and Chief Executive Officer. "With our current sales trend continuing into October, we now expect third quarter earnings per diluted share to be in the range of $0.07 to $0.09 versus our previous guidance of $0.10 to $0.15 and $0.18 last year."
During the month of September, the Company opened two new stores, relocated one store, and closed one store. New stores opened in Hillsborough, NC and Nacogdoches, TX. The relocated store is in Humboldt, TN. As of October 6, 2007, The Cato Corporation operated 1,309 stores in 31 states, compared to 1,269 stores in 31 states as of September 30, 2006. The Company now expects to open 60 to 65 new stores in fiscal 2007.
Cato Corporation
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