Cato (CATO) January 2010 Comps Down 4% Y/Y
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The Cato Corporation (NYSE: CATO) today reported sales of $52.1 million for the four weeks ended January 30, 2010 as compared to sales of $52.4 million for the four weeks ended January 31, 2009, a decrease of 1%. Same-store sales for the month decreased 4% from the prior year.
Sales for fiscal fourth quarter ended January 30, 2010 were $217.7 million, an increase of 4% over sales of $209.1 million for the fourth quarter ended January 31, 2009. For the quarter, same-store sales increased 2%. The Company's sales for 2009 increased 3% to $872.1 million from 2008 sales of $845.7 million. For the year, same-store sales increased 1%.
"January sales were negatively impacted by winter storms at the end of the month," stated John Cato, Chairman, President, and Chief Executive Officer. "Our inventory is fresh and in line with our sales trend. We continue to expect that fourth quarter EPS results will be in the range of $0.20 to $0.22 versus $0.13 last year and the year will be in the range of $1.51 to $1.53 versus $1.14 last year, an increase of 32% to 34%."
The Company will release fourth quarter and fiscal year 2009 earnings on Thursday, March 18, 2010.
During January, the Company opened six new stores. The Company also closed five stores during the month including four It's Fashion stores to convert them to It's Fashion Metro stores. New stores opened in Marianna and Quincy, FL, Stone Mountain, GA, Roanoke Rapids, NC, Lawton, OK and Anderson SC.
During the fourth quarter, the Company opened nine stores and closed 29 stores. For the fiscal year ended January 30, 2010, the Company opened 35 stores, relocated one store and closed 45 stores. The closings for the fourth quarter include four It's Fashion stores that were converted to It's Fashion Metro stores while the closing total for the year includes 14 such stores. As of January 30, 2010, the Company operated 1,271 stores in 31 states, compared to 1,281 stores in 31 states as of January 31, 2009.
Sales for fiscal fourth quarter ended January 30, 2010 were $217.7 million, an increase of 4% over sales of $209.1 million for the fourth quarter ended January 31, 2009. For the quarter, same-store sales increased 2%. The Company's sales for 2009 increased 3% to $872.1 million from 2008 sales of $845.7 million. For the year, same-store sales increased 1%.
"January sales were negatively impacted by winter storms at the end of the month," stated John Cato, Chairman, President, and Chief Executive Officer. "Our inventory is fresh and in line with our sales trend. We continue to expect that fourth quarter EPS results will be in the range of $0.20 to $0.22 versus $0.13 last year and the year will be in the range of $1.51 to $1.53 versus $1.14 last year, an increase of 32% to 34%."
The Company will release fourth quarter and fiscal year 2009 earnings on Thursday, March 18, 2010.
During January, the Company opened six new stores. The Company also closed five stores during the month including four It's Fashion stores to convert them to It's Fashion Metro stores. New stores opened in Marianna and Quincy, FL, Stone Mountain, GA, Roanoke Rapids, NC, Lawton, OK and Anderson SC.
During the fourth quarter, the Company opened nine stores and closed 29 stores. For the fiscal year ended January 30, 2010, the Company opened 35 stores, relocated one store and closed 45 stores. The closings for the fourth quarter include four It's Fashion stores that were converted to It's Fashion Metro stores while the closing total for the year includes 14 such stores. As of January 30, 2010, the Company operated 1,271 stores in 31 states, compared to 1,281 stores in 31 states as of January 31, 2009.
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