The Cato Corporation Announces Sales Results for the Month, Third Quarter and Thirty-Nine Weeks Ended October 28, 2017; Provides Earnings Guidance for the Year 2017
November 02, 2017 at 07:00 am
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The Cato Corporation announced sales results for the month, third quarter and thirty-nine weeks ended October 28, 2017. The company reported sales for the four weeks ended October 28, 2017 of $62.3 million, a 10% decrease from sales of $68.9 million for the four week period ended October 29,2016. Same-store sales for the month decreased 7%.
Sales for the third quarter ended October 28, 2017 were $188.4 million, a 9% decrease from sales of $207.0 million for the third quarter ended October 29, 2016. Same-store sales for the third quarter decreased 9%.
Sales for the thirty-nine weeks ended October 28, 2017 were $631.0 million, a decrease of 13% from sales of $729.2 million for the thirty-nine weeks ended October 29, 2016. The company's year-to-date same-store sales decreased 14%.
Although October same store sales are better than the current year trend, the company's two year same store sales comparisons remain below expectations. Consequently the company expects the company's full year 2017 earnings to be significantly below last year.
The Cato Corporation is a fashion specialty retailer. The Company operates through two segments: the operation of a fashion specialty stores segment (Retail Segment) and a credit card segment (Credit Segment). The Company's merchandise lines include dressy, career, and casual sportswear, dresses, coats, shoes, lingerie, costume jewelry, handbags, men's wear and lines for kids and infants. The apparel specialty stores operate under the names Cato, Cato Fashions, Cato Plus, Its Fashion, Its Fashion Metro and Versona, including e-commerce websites. The Versona brand stores and e-commerce Website offer quality fashion apparel items, jewelry and accessories at values every day. The Company offers its own credit cards to its customers and all credit authorizations, payment processing and collection efforts are performed by a wholly owned subsidiary of the Company. It operates approximately 1,178 fashion specialty stores in 31 states, principally in the southeastern United States.
The Cato Corporation Announces Sales Results for the Month, Third Quarter and Thirty-Nine Weeks Ended October 28, 2017; Provides Earnings Guidance for the Year 2017