This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Cato Reports January Same-Store Sales Down 6%

Stocks in this article: CATO

CHARLOTTE, N.C., Feb. 2, 2012 /PRNewswire/ -- The Cato Corporation (NYSE: CATO) today reported sales of $50.5 million for the four weeks ended January 28, 2012, a 4% decrease compared to sales of $52.6 million for the four weeks ended January 29, 2011.  Same-store sales for the month decreased 6% from the prior year.

Sales for fiscal fourth quarter ended January 28, 2012 were $221.5 million, a decrease of 1% from sales of $224.0 million for the fourth quarter ended January 29, 2011.  For the quarter, same-store sales decreased 4%.  For the year, the Company's sales increased 1% to $920.6 million over 2010 sales of $913.1 million.  For the year, same-store sales decreased 1%.

"January same-store sales results were in line with our recent trend with the exception of the last week of the month, which was negatively impacted by the timing of tax refunds," commented John Cato, Chairman, President, and Chief Executive Officer.  "We now expect fourth quarter EPS results will be near the midpoint of our original guidance range of $0.32 to $0.35 versus $0.37 last year, as restated.  For the year, we expect diluted earnings per share will be within the range of $2.18 to $2.21 versus $2.00 last year, as restated, an increase of 9% to 11%."

The Company will release fourth quarter and fiscal year 2011 earnings on Thursday, March 15, 2012.

During January, the Company opened five new stores, relocated one store and closed four stores including three It's Fashion stores to open It's Fashion Metro stores in the same market.  New stores opened in Selma, AL, Charlotte and Fayetteville, NC, Columbia, SC and San Antonio, TX.  The relocated store is in Glen Carbon, IL.

During the fourth quarter, the Company opened 15 stores, relocated one store and closed 19 stores.  For the fiscal year ended January 28, 2012, the Company opened 38 stores, relocated four stores and closed 32 stores.  The closings for the year include 13 It's Fashion stores closed to open It's Fashion Metro stores in the same market.  As of January 28, 2012, the Company operated 1,288 stores in 31 states, compared to 1,282 stores in 31 states as of January 29, 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 and nationally recognized urban brands 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 for the fourth quarter and full year and any related assumptions 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.



1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,797.60 -17.34 -0.10%
S&P 500 2,069.00 +1.97 0.10%
NASDAQ 4,773.4960 +15.2440 0.32%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs