CATO Reports October Same-Store Sales Up 3% Raises 3Q EPS Guidance
CHARLOTTE, N.C., Nov. 7, 2013 /PRNewswire/ -- The Cato Corporation (NYSE: CATO) today reported sales for the four weeks ended November 2, 2013 of $66.7 million, a 4% increase over sales of $64.3 million for the four week period ended October 27, 2012. Same-store sales for the month increased 3%.
Sales for the third quarter ended November 2, 2013 were $198.8 million, a 1% increase over sales of $197.6 million for the third quarter ended October 27, 2012. Same-store sales for the third quarter decreased 1%.
Sales for the thirty-nine weeks ended November 2, 2013 were $695.3, a decrease of 1% from sales of $701.8 million for the thirty-nine weeks ended October 27, 2012. The Company's year-to-date same-store sales decreased 3%.
"October sales benefited from some cooler weather during the month relative to the prior year. However, we continue to expect a difficult sales environment through the fourth quarter. We now estimate that third quarter earnings per diluted share will be in the range of $.13 to $.15 versus $.16 last year and up from our previous guidance of the higher end of the range of $.02 to $.09," commented John Cato, Chairman, President, and Chief Executive Officer.
The Company will release third quarter financial results on Thursday, November 21, 2013.
During the month of October, the Company opened six stores and relocated one store. New stores opened in Flint, MI, Lee's Summit, MO, Durham, NC, Norman, OK, Altoona, PA and Irving, TX. The relocated store is in Morganton, NC.
Year-to-date, the Company has opened 16 new stores, relocated four stores, and closed eight stores. As of November 2, 2013, the Company operated 1,318 stores in 32 states, compared to 1,306 stores in 31 states as of October 27, 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 financial results for the third quarter 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; inventory risks due to shifts in market demand and other such factors as are contained in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q . 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