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Women's fashion apparel retailer Cato's same store sales up 5% in June

08
Jul '05

Leading specialty value-priced women's fashion apparel retailer The Cato Corporation reported sales of $79.1 million for the five weeks ended July 2, 2005, a 10% increase over sales of $72.1 million for the five weeks ended July 3, 2004. Comparable store sales for the month increased 5%.

Expects 2Q EPS to be at high end of previous estimate.

Sales for the twenty-two weeks ended July 2, 2005 were $366.5 million versus sales of $346.8 million for the twenty-two weeks ended July 3, 2004, a 6% increase. The Company's year-to-date comparable store sales increased 1%.

All earnings per diluted share references are on a split adjusted basis that reflects the Company's recent three for two stock split.

"For the second quarter, we expect earnings per diluted share to be at the high end of our previous estimate of $.27 to $.28 versus $.26 last year, an increase of 4% to 8%," stated John Cato, Chairman, President, and Chief Executive Officer. "Our estimate of first half earnings per diluted share is $.85 to $.86 versus $.80 last year, an increase of 6% to 8%."

During the month of June, the Company opened eight new stores, relocated two stores, and closed one store. New stores opened in Tucson, AZ, El Dorado, KS, Louisville, KY, Donaldsonville, LA (2 stores), Madison and Philadelphia, MS, and Belton, TX. Stores were relocated in Plainview, TX and Waynesboro, VA. As of July 2, 2005, The Cato Corporation operated 1,196 stores in 31 states, compared to 1,129 stores in 28 states as of July 3, 2004.

The Cato Corporation is a leading specialty retailer of value-priced women's fashion apparel operating two divisions, "Cato" and "It's Fashion!". The Company offers exclusive merchandise with fashion and quality comparable to mall specialty stores at low prices, every day.

Cato Corporation

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