Cato reports 29 percent drop in FY16 net income

The Cato Corporation reported a net loss of 12.8 million dollars or a loss of 0.48 dollar per diluted share, compared to net income of 11.8 million dollars or 0.42 dollar per diluted share for the fourth quarter ended January 30, 2016. Full year net income was 47.2 million dollars or 1.72 dollars per diluted share compared to 66.8 million dollars or 2.39 dollars for 2015. For the year, net income decreased 29 percent and earnings per diluted share decreased 28 percent from the prior year.