Cato Reports March Same-store Sales Down 11%
CHARLOTTE, N.C., April 11, 2013 /PRNewswire/ -- The Cato Corporation (NYSE: CATO) today reported sales for the five weeks ended April 6, 2013 of $105.6 million, a 2% increase over sales of $103.9 million for the five week period ended March 31, 2012. Same-store sales for the month decreased 11%.
Sales for the nine weeks ended April 6, 2013 were $190.2 million, a 1% increase over sales of $187.9 million for the nine weeks ended March 31, 2012. The Company's year-to-date same-store sales were down 7% to the prior year.
March sales were unfavorably impacted by the shift of Easter to late March this year versus early April last year. We expect April sales will be favorably impacted. Because of this shift, the best measure for performance is the combined sales for the two months.
"March sales continued to be difficult. The Easter selling season, which is historically our strongest quarter, continued to see a declining trend in sales. This was compounded by the colder weather compared to last year's unusually warm March," said John Cato, Chairman, President, and Chief Executive Officer.
During the month of March, the Company opened one store in Dallas, TX and closed 2 stores. As of April 6, 2013, the Company operated 1,305 stores in 31 states, compared to 1,292 stores in 31 states as of March 31, 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. Additional information on The Cato Corporation is available at www.catocorp.com.
Statements in this press release not historical in nature including, without limitation, statements regarding the Company's expected or estimated financial results are considered "forward-looking" within the meaning of The Private Securities Litigation Reform Act of 1995. 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 buying patterns; adverse weather conditions and inventory risks due to shifts in market demand and other factors discussed under "Risk Factors" in Part I, Item 1A of the Company's most recently filed annual report on Form 10-K, as amended or supplemented, and in other reports the Company files with or furnishes to the SEC from time to time. The Company does not undertake to publicly update or revise the forward-looking statements even if experience or future changes make it clear that the projected 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