Cato (CTR) Reports September Comp Store Sales Down 7%
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The Cato Corporation (NYSE: CTR) today reported sales of $65.8 million for the five weeks ended October 6, 2007, a decrease of 3% from sales of $67.7 million for the five weeks ended September 30, 2006. Comparable store sales for the five-week period were down 7% from the prior year.
"September sales were weaker than expected and below our year-to-date trend," stated John Cato, Chairman, President, and Chief Executive Officer. "With our current sales trend continuing into October, we now expect third quarter earnings per diluted share to be in the range of $0.07 to $0.09 versus our previous guidance of $0.10 to $0.15 and $0.18 last year."
Analysts were expecting Cato Corporations Q3 numbers to be $0.13 per share.
"September sales were weaker than expected and below our year-to-date trend," stated John Cato, Chairman, President, and Chief Executive Officer. "With our current sales trend continuing into October, we now expect third quarter earnings per diluted share to be in the range of $0.07 to $0.09 versus our previous guidance of $0.10 to $0.15 and $0.18 last year."
Analysts were expecting Cato Corporations Q3 numbers to be $0.13 per share.
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