Aug sales slip at Cato Corporation

06 Sep '07

1 min read

The Cato Corporation reported sales for the four weeks ended September 1, 2007 of $59.2 million, a 2% decrease from sales of $60.4 million for the four week period ended August 26, 2006. Comparable store sales increased 2%.

Sales for the thirty weeks ended September 1, 2007 were $502.3 million, flat to sales of $504.8 million for the thirty weeks ended August 26, 2006. The Company's year-to-date comparable store sales decreased 2%.

"Our August comparable sales exceeded expectations as the impact of the shift in sales tax holidays and school openings had a larger impact than expected on July and August results," commented John Cato, Chairman, President, and Chief Executive Officer. "For the combined period of July and August, our comparable sales decreased 2%. Our inventory remains on plan."

During the month of August, the Company opened four new stores, relocated two stores and closed two stores. New stores opened in Albuquerque, NM, Salisbury, NC (2 stores), and Houston, TX.

Year-to-date, the Company has opened 35 new stores, relocated 12 stores, and closed three stores. As of September 1, 2007, the Company operated 1,308 stores in 31 states, compared to 1,262 stores in 31 states as of August 26, 2006.

The Cato Corporation

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