Cato Reports May Same-Store Sales Up 3%
CHARLOTTE, N.C., May 31, 2012 /PRNewswire/ -- The Cato Corporation (NYSE: CATO) today reported sales of $84.3 million for the four weeks ended May 26, 2012, a 4% increase over sales of $80.7 million for the four weeks ended May 28, 2011. Same-store sales for the month increased 3%.
Sales for the seventeen weeks ended May 26, 2012 were $357.1 million, a 2% increase over sales of $351.7 million for the seventeen weeks ended May 28, 2011. The Company's year-to-date same-store sales decreased 1%.
"May same-store sales were good for much of the month and benefited from an easier comparison to the prior year," commented John Cato, the Company's Chairman, President, and Chief Executive Officer.
During the month of May, the Company opened a store in Plano, TX and relocated a store in Norfolk, VA. As of May 26, 2012, the Company operated 1,294 stores in 31 states, compared to 1,284 stores in 31 states as of May 28, 2011.
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 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. 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