The Cato Corporation Reports Sales Results for the Five Weeks and Eleven Months Ended January 3, 2015; Revised Earnings Guidance for the Fourth Quarter and Full Year of Fiscal 2014
Sales for the eleven months ended January 3, 2015 were $923.0 million, a 7% increase from sales of $862.7 million for the eleven months ended January 4, 2014. The company's year-to-date same-store sales increased 4%.
The company now expects that fourth quarter earnings per diluted share will be within the range of $0.25 to $0.29, against its original guidance of $0.13 to $0.17 and $0.13 last year. Increased earnings per diluted share are primarily due to higher sales and lower taxes.
The company's estimate for full year earnings per diluted share is now in the range of $2.07 to $2.11 versus its most recent guidance of $1.95 to $1.99 and $1.86 last year. Reflected in both the fourth quarter and full year revised guidance is the positive effect of $0.02 and $0.09, respectively, for 2014 share repurchases.