Cato Corp. (CATO) September Comps Fell 9%; Cuts Q3 Outlook
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The Cato Corporation (NYSE: CATO) today reported sales of $76.2 million for the five weeks ended October 1, 2016, an 8% decrease from sales of $83.2 million for the five weeks ended October 3, 2015. Same-store sales for the five-week period decreased 9% from the prior year, versus estimates of down 4%.
Sales for the thirty-five weeks ended October 1, 2016 were $660.3 million, down 3% to sales of $680.9 million for the thirty-five weeks ended October 3, 2015. The Company's year-to-date same-store sales decreased 4% from the prior year.
"September same-store sales were well below our expectations," stated John Cato, Chairman, President, and Chief Executive Officer. "We now expect third quarter earnings per diluted share will be in the range of $.07 to $.11 versus $.30 last year and down from our previous guidance of $.13 to $.18. The decrease in earnings due to lower sales is offset by favorable adjustments to the effective tax rate as a result of continuing tax initiatives."
During the month of September, the Company opened one new store and closed one store. A new store opened in Peachtree, GA. As of October 1, 2016, The Cato Corporation operated 1,373 stores in 33 states, compared to 1,367 stores in 32 states as of October 3, 2015.
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