Cato Corp. (CATO) Comps Fell 8% in August 2016

September 1, 2016 7:02 AM EDT

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The Cato Corporation (NYSE: CATO) reported sales for the four weeks ended August 27, 2016 of $62.0 million, a 7% decrease over sales of $67.0 million for the four week period ended August 29, 2015. Same-store sales in August were down 8% to the prior year.

Sales for the thirty weeks ended August 27, 2016 were $584.1 million, down 2% to sales of $597.7 million for the thirty weeks ended August 29, 2015. The Company's year-to-date same-store sales decreased 4%.

"August same-store sales continued our negative trend and remain well below our expectations," commented John Cato, Chairman, President, and Chief Executive Officer.

As of August 27, 2016, the Company operated 1,373 stores in 33 states, compared to 1,363 stores in 32 states as of August 29, 2015.

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