Cato Corp (CATO) reported sales of $86.1 million for June, up 3% from sales in the June 2012 period. Same-store sales for the five-week period rose 1%, while year-to-date same-store sales decreased 3%.
"While June same-store sales were above trend, higher markdowns will affect our results for the quarter," Chairman and CEO John Cato said in a statement.
The company still expects second-quarter earnings per diluted share within its original guidance of 42 cents to 48 cents, a sharp decline from the 59 cents a share it posted in the 2012 quarter.
"Year-to-date same-store sales results have been volatile, driven in part by various economic uncertainties as well as unseasonable weather," Cato said. "We believe this uncertainty will continue and we remain cautious as we look toward the second half of the year. We remain comfortable with our original guidance."Cato operates 1,306 stores in 31 states. Teen fashion retailers had mixed results. Earlier in the week, American Apparel (APP) said comparable sales rose 7% in June compared to last year, faring better than other retailers, but down slightly from the 10% jump it saw in May. The Los Angeles teen retailer said that online sales fueled its increase, up 22% last month. Store sales rose 5% in the month. American Apparel said sales for the June 30th-ending quarter rose 9% to $162.2 million. "June represents our 25th consecutive month of positive comparable store sales growth," said Chairman and CEO Dov Charney. "Sales growth was across a broad range of product categories and demonstrates the strength of our summer product offering. Thus far, July sales are solidly positive in our retail and online channels, and we expect a meaningful increase in our wholesale net sales this month when compared to the prior year." The Buckle (BKE) said Thursday that comparable store sales rose 3.4% in June. Net sales for the Kearney, Neb.-based company rose 3.9% to $82.5 million in June compared to the prior year's period. Action sports apparel and accessories retailer, Zumiez (ZUMZ) said on Wednesday that same-store sales inched just 1% higher last month versus 8.2% in the year-earlier period. With 522 stores, the company said net sales for June jumped 14.5% to $58.8 million. Retail stocks were generally in positive territory on Thursday. Winners included Stein Mart up 9% to $15, a level not seen since 2007. Shares of L Brands rose 3.4% to $52.33 and Francesca's (FRAN) stock rose p 2.7% to $29.11. Shares of Under Armour (UA) were down 2.4% to $60.35. Zumiez shares also sunk 1.2% to $30.68. -- Written by Laurie Kulikowski in New York. Follow @LKulikowski To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com. >To submit a news tip, email: firstname.lastname@example.org.
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