Cato Reports June Same-store Sales Down 10 Percent
The Cato Corporation (NYSE: CATO) today reported sales of $83.7 million for the five weeks ended June 30, 2012, a 7% decrease from sales of $90.4 million for the five weeks ended July 2, 2011. Same-store sales for the five-week period decreased 10%.
Sales for the twenty-two weeks ended June 30, 2012 were $440.8 million, flat to sales of $442.0 million for the twenty-two weeks ended July 2, 2011. The Company's year-to-date same-store sales decreased 3%.
"June same-store sales were below expectations," commented John Cato, Chairman, President, and Chief Executive Officer. "Year-to-date same-store sales results have been volatile, driven in part by various economic and political uncertainties as well as unseasonable weather. We believe it is likely this volatility will continue and we remain cautious as we look toward the second half of the year. We now expect second quarter earnings per diluted share will be at the low end of our original guidance range of $.53 to $.57, a decrease of 13% to 7% compared to $.61 last year."
During the month of June, the Company opened stores in Houston and San Antonio, TX, relocated a store in Bastrop, LA and closed one store. As of June 30, 2012, the Company operated 1,295 stores in 31 states, compared to 1,286 stores in 31 states as of July 2, 2011.
The Cato Corporation is a leading specialty retailer of value-priced fashion apparel and accessories operating three concepts, "Cato", "Versona" and "It's Fashion". The Company's Cato stores offer exclusive merchandise with fashion and quality comparable to mall specialty stores at low prices every day. Versona is a unique fashion destination offering accessories and apparel including jewelry, handbags and shoes at exceptional prices every day. It's Fashion offers fashion with a focus on the latest trendy styles for the entire family at low prices every day. Additional information on The Cato Corporation is available at www.catocorp.com.
Thank you for reading this clothing retail company news on the Fashion Newspaper.