Cato (CATO) April Comps Up 1%; Sees Q1 EPS to Strong-Side of Views
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Cato Corp. (NYSE: CATO) reported sales of $77.0 million for the four weeks ended May 4, 2013, a 9% decrease from sales of $84.9 million for the four weeks ended April 28, 2012. Same-store sales increased 1% for the month.
Sales for the first quarter ended May 4, 2013 were $267.2 million, a 2% decrease from sales of $272.8 million for the first quarter ended April 28, 2012. Same-store sales for the first quarter decreased 5%.
The shift of Easter from early April last year to late March this year favorably impacted April sales, while March sales were unfavorably impacted. Because of this shift, the best measure for performance is the combined sales for the two months, which decreased 3% overall and were down 6% to the prior year on a same-store basis.
"April sales and the combined sales for March and April were below expectations," stated John Cato, Chairman, President, and Chief Executive Officer. "We now expect first quarter earnings per diluted share will be in the range of $1.02 to $1.04 versus $1.09 last year, a decrease of 6% to 5% from last year."
***The Street sees Q1 EPS of $1.02.
The Company will release first quarter results on Thursday, May 23, 2013.
Sales for the first quarter ended May 4, 2013 were $267.2 million, a 2% decrease from sales of $272.8 million for the first quarter ended April 28, 2012. Same-store sales for the first quarter decreased 5%.
The shift of Easter from early April last year to late March this year favorably impacted April sales, while March sales were unfavorably impacted. Because of this shift, the best measure for performance is the combined sales for the two months, which decreased 3% overall and were down 6% to the prior year on a same-store basis.
"April sales and the combined sales for March and April were below expectations," stated John Cato, Chairman, President, and Chief Executive Officer. "We now expect first quarter earnings per diluted share will be in the range of $1.02 to $1.04 versus $1.09 last year, a decrease of 6% to 5% from last year."
***The Street sees Q1 EPS of $1.02.
The Company will release first quarter results on Thursday, May 23, 2013.
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