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Cato Fashions December sales decline 9 percent

By Prachi Singh

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Report

For the five weeks ended December 30, 2017, Cato Fashions reported sales of 94.7 million dollars, a 9 percent decrease against 104.4 million dollars for the same period ended December 31, 2016. Same-store sales for the month decreased 9 percent.

"The December same store sales decline is consistent with our recent trend," stated the company’s John Cato, Chairman, President, and CEO in a statement, adding, "We expect the fourth quarter earnings to be a loss of between 0.30 dollar and 0.45 dollar versus a loss of 0.48 dollar last year. This includes our current estimated impact of an additional expense of between 0.20 dollar and 0.30 dollar for the required adjustments due to the implementation of the "Tax Cuts and Jobs Act of 2017".

Sales for the eleven months were 787.9 million dollars, a 13 percent decrease compared to sales of 901.8 million dollars for the eleven months ended December 31, 2016. The company's year-to-date same-store sales decreased 13 percent.

The company's estimate for full year earnings per diluted share is in the range of 0.50 dollar to 0.65 dollar versus 1.72 dollar last year.

As of December 30, 2017, the company operated 1,355 stores in 33 states, compared to 1,368 stores in 33 states as of December 31, 2016.

Picture:Facebook/Cato Fashions

Cato Fashions