Women's clothing retailer Cato increases share buyback program

31 Aug '07

1 min read

The Cato Corporation announced that its board of directors has authorized an increase in the Company's share repurchase program of 2 million shares. Prior to this authorization, the Company had approximately 1.25 million shares remaining in open authorizations.

Purchases under the share repurchase program will be made from time to time on the open market or in privately negotiated transactions and will be subject to market conditions and applicable SEC rules. The board's last authorization was in 2001.

John Cato, the Company's Chairman, President and Chief Executive Officer, commented that, "We believe the increase in our stock repurchase program will be beneficial to Cato and continues our focus on enhancing the value of our long-term shareholders' investment."

"The Company's substantial cash reserves enable the Company to repurchase these shares while maintaining the financial flexibility to pursue its growth plans and continue to pay dividends."

The Cato Corporation

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