Cato Corp. (CATO) June Comps Up 1%
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The Cato Corporation (NYSE: CATO) today reported sales of $86.1 million for the five weeks ended July 6, 2013, a 3% increase from sales of $83.7 million for the five weeks ended June 30, 2012. Same-store sales for the five-week period increased 1%.
Sales for the twenty-two weeks ended July 6, 2013 were $435.0 million, down 1% to sales of $440.8 million for the twenty-two weeks ended June 30, 2012. The Company's year-to-date same-store sales decreased 3%.
"While June same-store sales were above trend," commented John Cato, Chairman, President, and Chief Executive Officer, "higher markdowns will affect our results for the quarter. However, we still expect second quarter earnings per diluted share will be within our original guidance of $.42 to $.48, a decrease of 29% to 19% compared to $.59 last year. Year-to-date same-store sales results have been volatile, driven in part by various economic uncertainties as well as unseasonable weather. We believe this uncertainty will continue and we remain cautious as we look toward the second half of the year. We remain comfortable with our original guidance."
During the month of June, the Company opened one store in Alpharetta, GA, relocated two stores in Knoxville, TN and Midland, TX and closed two stores. As of July 6, 2013, the Company operated 1,306 stores in 31 states, compared to 1,295 stores in 31 states as of June 30, 2012.
Sales for the twenty-two weeks ended July 6, 2013 were $435.0 million, down 1% to sales of $440.8 million for the twenty-two weeks ended June 30, 2012. The Company's year-to-date same-store sales decreased 3%.
"While June same-store sales were above trend," commented John Cato, Chairman, President, and Chief Executive Officer, "higher markdowns will affect our results for the quarter. However, we still expect second quarter earnings per diluted share will be within our original guidance of $.42 to $.48, a decrease of 29% to 19% compared to $.59 last year. Year-to-date same-store sales results have been volatile, driven in part by various economic uncertainties as well as unseasonable weather. We believe this uncertainty will continue and we remain cautious as we look toward the second half of the year. We remain comfortable with our original guidance."
During the month of June, the Company opened one store in Alpharetta, GA, relocated two stores in Knoxville, TN and Midland, TX and closed two stores. As of July 6, 2013, the Company operated 1,306 stores in 31 states, compared to 1,295 stores in 31 states as of June 30, 2012.
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