Cato Reports Flat November Same-Store Sales
CHARLOTTE, N.C., Dec. 5, 2013 /PRNewswire/ -- The Cato Corporation (NYSE: CATO) today reported sales for the four weeks ended November 30, 2013 of $67.3 million, a 4% increase over sales of $64.9 million for the four week period ended November 24, 2012. Same-store sales for the month were flat to the prior year.
Sales for the ten months ended November 30, 2013 were $762.6 million, a 1% decrease from sales of $766.7 million for the ten months ended November 24, 2012. The Company's year-to-date same-store sales decreased 3%.
"November same-store sales were in line with expectations," stated John Cato, Chairman, President, and Chief Executive Officer. "We continue to expect that the remainder of the holiday shopping season and fourth quarter will be difficult."
In November, the Company opened 10 new stores and relocated one store. New stores opened in Athens, GA, Wichita, KS, Lincoln, NE, Fayetteville, NC, Fremont, OH, Lawton, OK, Hanover and Muncy, PA, Mt. Juliet, TN and Arlington, TX. The relocated store was in Lafayette, LA. The Company also launched its online shopping website during November. As of November 30, 2013, the Company operated 1,328 stores in 32 states, compared to 1,312 stores in 31 states as of November 24, 2012.
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. Versona is a unique fashion destination offering accessories and apparel including jewelry, handbags and shoes at exceptional prices every day. It's Fashion offers fashion with a focus on the latest trendy styles for the entire family at low prices every day. The Company also offers exclusive merchandise found in its Cato stores at www.catofashions.com. Additional information on The Cato Corporation is available at www.catocorp.com.
Statements in this press release not historical in nature are considered "forward-looking" within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements are also identified by use of the words such as "will," "anticipate," "estimate," "intend," "plan," "expect," "believe," "may," "should," "approximate," "hope" and any variations or negative formulations of the foregoing and similar expressions. Such forward-looking statements are based on current expectations that are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contemplated by the forward-looking statements. Such factors include, but are not limited to, the following: general economic conditions; competitive factors and pricing pressures; the Company's ability to predict fashion trends; consumer apparel and accessory buying patterns; changes and uncertainties in factors that affect consumer confidence; adverse weather conditions; inventory risks due to shifts in market demand and other such factors as are contained in the Company's most recent Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and other reports filed with or furnished to the SEC from time to time. The Company does not undertake to publicly update or revise any forward-looking statements even if experience or future changes make it clear that any future results expressed or implied therein will not be realized. The Company is not responsible for any changes made to this press release by wire or internet services.
SOURCE The Cato Corporation