Fashion retailer Cato says customer spend pushes October sales

07 Nov '05

2 min read

Fashion retailer Cato Corporation reported sales for the four weeks ended October 29, 2005 of $60.3 million, a 14 percent increase from sales of $52.9 million for the four week period ended October 30, 2004. Comparable store sales for the month increased 9 percent.

Sales for the third quarter ended October 29, 2005 were $177.8 million, a 9 percent increase over sales of $163.6 million for the third quarter ended October 30, 2004. Comparable store sales for the quarter increased 4 percent.

Sales for the thirty-nine weeks ended October 29, 2005 were $601.1 million, an increase of 6 percent from sales of $565.9 million for the thirty-nine weeks ended October 30, 2004. The Company's year-to-date comparable store sales increased 1 percent.

'October comp store sales were favorably impacted by higher customer spending in states affected by recent hurricanes and by cooler temperatures during the month,' stated John Cato, Chairman, President, and Chief Executive Officer. 'For the quarter, increased sales and higher merchandise margins have increased expected earnings. For the third quarter, they now expect earnings per diluted share to be in the range of $.11 to $.12 versus $.06 last year. This compares to their previous estimate of $.06 to $.08.'

The Company's will release third quarter financial results on Tuesday, November 15, 2005.

During the month of October, the Company opened 13 stores and relocated one store. New stores opened in Troy, AL, Swainsboro, GA, Sioux City, IA, Alton and West City, IL, Ft. Wayne, IN, Radcliff, KY, Hammond, LA (2 stores), El Reno, OK, Hereford and Ulvalde, TX and Midlothian, VA. The relocated store was in Glasgow, KY.

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