Continued spending in hurricane affected states leads Cato's Jan sales gain 9%
06 Feb '06
3 min read
Women's fashion apparel specialty store Cato Corporation reported sales of $54.2 million for the four weeks ended January 28, 2006 as compared to sales of $49.5 million for the four week period ended January 29, 2005, an increase of 9 percent.
Comparable store sales for the month increased 6 percent.
Sales for fiscal fourth quarter ended January 28, 2006 were $220.5 million as compared to sales of $207.9 million for the fourth quarter ended January 29, 2005, an increase of 6 percent.
The Company's sales for fiscal 2005 were $821.6 million as compared to fiscal 2004 sales of $773.8 million, a 6 percent increase.
Comparable store sales increased 2 percent for the quarter and 1 percent for the year.
"January sales benefited from a combination of favorable weather compared with last year and continued spending in hurricane affected states," commented John Cato, Chairman, President, and Chief Executive Officer.
"They have raised their estimated fourth quarter earnings per diluted share to a range of $.34 to $.35 versus $.26 last year, an increase of 31 percent to 35 percent.
This compares to their previous range of $.28 to $.30.
For the year, earnings per diluted share are estimated to be in the range of $1.38 to $1.39 versus $1.11 last year, an increase of 24 percent to 25 percent."
The Company will release fourth quarter and fiscal year 2005 earnings on Tuesday, March 14, 2006.