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Cato reports record net income & EPS for 2006
26 Mar '07
3 min read
The Cato Corporation reported net income for the fourth quarter and year ended February 3, 2007. For the fourth quarter 2006, net income was $12.7 million or $.40 per diluted share as compared to net income of $11.6 million or $.37 per diluted share for the fourth quarter ended January 28, 2006.
Fourth quarter 2006 net income increased 9% and earnings per diluted share increased 8% over the prior year. Full year 2006 net income was $51.5 million or $1.62 per diluted share as compared to $44.8 million or $1.41 per diluted share for 2005. For the year, net income and earnings per diluted share both increased 15% over 2005.
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 an equivalent 14-week basis, 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 an equivalent 53-week basis, comparable store sales decreased 2% from last year. The additional week in fiscal 2006 increased total sales by $17.2 million for the year and fourth quarter.
"Our 2006 results benefited from better margins as well as several unusual and one-time income items," said John Cato, Chairman, President and Chief Executive Officer. "In 2006 we continued to improve our merchandise offering and margins by increasing ourdirectly sourced private label goods and consistently providing our customers better fashion with higher quality and exceptional value."
Fourth quarter 2006 net income increased 9% and earnings per diluted share increased 8% over the prior year. Full year 2006 net income was $51.5 million or $1.62 per diluted share as compared to $44.8 million or $1.41 per diluted share for 2005. For the year, net income and earnings per diluted share both increased 15% over 2005.
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 an equivalent 14-week basis, 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 an equivalent 53-week basis, comparable store sales decreased 2% from last year. The additional week in fiscal 2006 increased total sales by $17.2 million for the year and fourth quarter.
"Our 2006 results benefited from better margins as well as several unusual and one-time income items," said John Cato, Chairman, President and Chief Executive Officer. "In 2006 we continued to improve our merchandise offering and margins by increasing ourdirectly sourced private label goods and consistently providing our customers better fashion with higher quality and exceptional value."
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