Cato Corp. (CATO) March Comps Decline 21%

The Cato Corporation (NYSE: CATO) today reported sales for the five weeks ended April 1, 2017 of $93.2 million, a 22% decrease from sales of $118.8 million for the five week period ended April 2, 2016. Same-store sales for the month decreased 21%

Sales for the nine weeks ended April 1, 2017 were $157.1 million, a 23% decrease from sales of $203.6 million for the nine weeks ended April 2, 2016. The Company's year-to-date same-store sales were down 22% to the prior year.

"We expect current sales headwinds to continue as we work through our merchandise assortment missteps," said John Cato, Chairman, President, and Chief Executive Officer. "In addition, March sales were negatively impacted by the shift of Easter from March last year to April this year. Because of this shift, the best measure for performance is the combined sales for the two months."

During the month of March, the Company opened two stores and relocated one store. As of April 1, 2017, the Company operated 1,373 stores in 33 states, compared to 1,371 stores in 32 states as of April 2, 2016.

The Cato Corporation is a leading specialty retailer of value-priced fashion apparel and accessories operating three concepts, "Cato", "Versona" and "It's Fashion". The Company's Cato stores offer exclusive merchandise with fashion and quality comparable to mall specialty stores at low prices every day. The Company also offers exclusive merchandise found in its Cato stores at www.catofashions.com. Versona is a unique fashion destination offering apparel and accessories including jewelry, handbags and shoes at exceptional prices every day. Select Versona merchandise can also be found at www.shopversona.com. It's Fashion offers fashion with a focus on the latest trendy styles for the entire family at low prices every day. Additional information on The Cato Corporation is available at www.catocorp.com.

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