Cato Fashions: January sales decline by 18 percent

The Cato Corporation reported sales for the four weeks ended February 2, 2019 of 44.5 million dollars, 18 percent decrease from sales of 54.2 million dollars for the five week period ended February 3, 2018. On a comparable four week basis, total sales for the month were flat and same-store sales for January increased 2 percent.

Sales for fourth quarter were 190.4 million dollars, a decrease of 10 percent, while on a comparable 13-week basis, total sales for the quarter decreased 3 percent and same-store sales decreased 2 percent from last year. For the year, the company's sales decreased 3 percent to 821.2 million dollars from 2017 sales of 842.1 million dollars. On a comparable 52-week basis, total sales for the year decreased 1 percent and same-store sales were flat to last year.

During January, the company closed five stores and during the fourth quarter, the company closed 39 stores. For the fiscal year ended February 2, 2019, the company closed 40 stores. As of February 2, 2019, the company operated 1,311 stores in 31 states, compared to 1,351 stores in 33 states as of February 3, 2018.

Picture:Facebook/Cato Fashions