Cato (CATO) Comps Fall 12%; Guides Q4, FY12 EPS Below Views
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The Cato Corporation (NYSE: CATO) today reported sales of $63.8 million for the five weeks ended February 2, 2013, an increase of 26% over sales of $50.5 million for the four weeks ended January 28, 2012. The fiscal year ended February 2, 2013 contains 53 weeks versus 52 weeks in fiscal year ended January 28, 2012 and January 2013 contains five weeks versus four weeks in January 2012. On a comparable five-week basis, total sales for the month decreased 9% and comparable store sales decreased 12% from last year.
Sales for fiscal fourth quarter ended February 2, 2013 were $232.0 million, an increase of 5% over sales of $221.5 million for the fourth quarter ended January 28, 2012. On a comparable 14-week basis, total sales for the quarter decreased 4% and comparable store sales decreased 7% from last year. For the year, the Company's sales increased 1% to $933.8 million over 2011 sales of $920.6 million. On a comparable 53-week basis, total sales for the fiscal year ended February 2, 2013 decreased 1% and comparable store sales decreased 4% from last year.
"January same-store sales results reflect the difficult retail environment the Company faced during 2012. Sales at the beginning of the month were in line with our year-to-date trend. However, sales at the end of the month were significantly worse than trend. We think this was primarily due to the timing of tax refunds and the effect of higher payroll taxes. We are unclear what portion of the sales lost due to tax refund delays will be recouped," stated John Cato, Chairman, President, and Chief Executive Officer. "We now expect fourth quarter EPS results will be in the range of $0.27 to $0.29 versus $0.35 last year. For the year, we expect diluted earnings per share will be within the range of $2.11 to $2.13 versus $2.21 last year."
*** The Street sees Q4 EPS of $0.35 and FY12 EPS of $2.19.
Sales for fiscal fourth quarter ended February 2, 2013 were $232.0 million, an increase of 5% over sales of $221.5 million for the fourth quarter ended January 28, 2012. On a comparable 14-week basis, total sales for the quarter decreased 4% and comparable store sales decreased 7% from last year. For the year, the Company's sales increased 1% to $933.8 million over 2011 sales of $920.6 million. On a comparable 53-week basis, total sales for the fiscal year ended February 2, 2013 decreased 1% and comparable store sales decreased 4% from last year.
"January same-store sales results reflect the difficult retail environment the Company faced during 2012. Sales at the beginning of the month were in line with our year-to-date trend. However, sales at the end of the month were significantly worse than trend. We think this was primarily due to the timing of tax refunds and the effect of higher payroll taxes. We are unclear what portion of the sales lost due to tax refund delays will be recouped," stated John Cato, Chairman, President, and Chief Executive Officer. "We now expect fourth quarter EPS results will be in the range of $0.27 to $0.29 versus $0.35 last year. For the year, we expect diluted earnings per share will be within the range of $2.11 to $2.13 versus $2.21 last year."
*** The Street sees Q4 EPS of $0.35 and FY12 EPS of $2.19.
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