Cato Reports September Same-store Sales Down 3% Updates 3Q Guidance
CHARLOTTE, N.C., Oct. 10, 2013 /PRNewswire/ -- The Cato Corporation (NYSE: CATO) today reported sales of $72.9 million for the five weeks ended October 5, 2013, a 3% increase over sales of $71.1 million for the five weeks ended September 29, 2012. Same-store sales for the five-week period decreased 3% from the prior year.
Sales for the thirty-five weeks ended October 5, 2013 were $628.6 million, down 1% to sales of $637.5 million for the thirty-five weeks ended September 29, 2012. The Company's year-to-date same-store sales decreased 3% from the prior year.
"September same-store sales were within our guidance and consistent with our current trend," stated John Cato, Chairman, President, and Chief Executive Officer. "We now expect third quarter earnings per diluted share will be at the higher end of our guidance range of $.02 to $.09 versus $.16 last year."
During the month of September, the Company opened three new stores. New stores opened in Southaven, MS, Freemont, NE, and San Angelo, TX. As of October 5, 2013, The Cato Corporation operated 1,312 stores in 32 states, compared to 1,302 stores in 31 states as of September 29, 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