Cato Corp. (CATO) Comps Fell 2% in May 2016

The Cato Corporation (NYSE: CATO) reported sales of $87.4 million for the four weeks ended May 28, 2016, a 1% decrease versus sales of $88.5 million for the four weeks ended May 30, 2015. Same-store sales for the month were down 2% to last year.

Sales for the seventeen weeks ended May 28, 2016 were $372.9 million, a 1% increase versus sales of $370.1 million for the seventeen weeks ended May 30, 2015. The Company's year-to-date same-store sales decreased 1%.

"May same store sales were below expectations," stated John Cato, the Company's Chairman, President, and Chief Executive Officer.

During the month of May, the Company relocated one store in Monroe, NC. As of May 28, 2016, the Company operated 1,372 stores in 33 states, compared to 1,353 stores in 32 states as of May 30, 2015.

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