- Prachi Singh |
The Cato Corporation reported 19 percent increase in sales for the five weeks ended February 3, 2018 to 54.2 million dollars over 45.5 million dollars for the four week period ended January 28, 2017. On a comparable five-week basis, total sales decreased 7 percent and same-store sales for the month decreased 6 percent.
"The January same store sales decline is consistent with our recent trend," stated John Cato, the company’s Chairman, President, and CEO in a statement, adding, "We now expect the fourth quarter earnings to be a loss of between 0.55 dollar and 0.65 dollar versus a loss of 0.48 dollar last year. The company's estimate for full year earnings per diluted share is in the range of 0.30 dollar to 0.40 dollar versus 1.72 dollars last year."
The company said, sales for fourth quarter ended February 3, 2018 were 211.1 million dollars, a decrease of 3 percent over sales of 218.2 million dollars for the same quarter last year. On a comparable 14-week basis, total sales for the quarter decreased 8 percent and comparable store sales decreased 8 percent on last year. For the full year, sales decreased 11 percent to 842.1 million dollars from 2017 sales of 947.4 million dollars. On a comparable 53-week basis, total sales for the fiscal year ended February 3, 2018 decreased 12 percent and comparable store sales decreased 12 percent from last year.
During January, the company closed four stores and closed nineteen stores during the fourth quarter. In the fiscal year ended February 3, 2018, the company opened six stores, relocated three stores and closed twenty six stores. As of February 3, 2018, Cato Style operated 1,351 stores in 33 states, compared to 1,371 stores in 33 states as of January 28, 2017.