Cato (CATO) March Comps Fell 11%+
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The Cato Corporation (NYSE: CATO) reported sales for the five weeks ended April 6, 2013 of $105.6 million, a 2% increase over sales of $103.9 million for the five week period ended March 31, 2012. Same-store sales for the month decreased 11%.
Sales for the nine weeks ended April 6, 2013 were $190.2 million, a 1% increase over sales of $187.9 million for the nine weeks ended March 31, 2012. The Company's year-to-date same-store sales were down 7% to the prior year.
March sales were unfavorably impacted by the shift of Easter to late March this year versus early April last year. We expect April sales will be favorably impacted. Because of this shift, the best measure for performance is the combined sales for the two months.
"March sales continued to be difficult. The Easter selling season, which is historically our strongest quarter, continued to see a declining trend in sales. This was compounded by the colder weather compared to last year's unusually warm March," said John Cato, Chairman, President, and Chief Executive Officer.
During the month of March, the Company opened one store in Dallas, TX and closed 2 stores. As of April 6, 2013, the Company operated 1,305 stores in 31 states, compared to 1,292 stores in 31 states as of March 31, 2012.
Sales for the nine weeks ended April 6, 2013 were $190.2 million, a 1% increase over sales of $187.9 million for the nine weeks ended March 31, 2012. The Company's year-to-date same-store sales were down 7% to the prior year.
March sales were unfavorably impacted by the shift of Easter to late March this year versus early April last year. We expect April sales will be favorably impacted. Because of this shift, the best measure for performance is the combined sales for the two months.
"March sales continued to be difficult. The Easter selling season, which is historically our strongest quarter, continued to see a declining trend in sales. This was compounded by the colder weather compared to last year's unusually warm March," said John Cato, Chairman, President, and Chief Executive Officer.
During the month of March, the Company opened one store in Dallas, TX and closed 2 stores. As of April 6, 2013, the Company operated 1,305 stores in 31 states, compared to 1,292 stores in 31 states as of March 31, 2012.
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