- Prachi Singh |
The Cato Corporation reported a net loss of 3.2 million dollars or a loss of 13 cents per diluted share for the fourth quarter, compared to 3.2 million dollars or 13 cents per diluted share for the prior fourth quarter. Full-year fiscal 2019 net income was 35.9 million dollars or 1.46 dollars per diluted share compared to 30.5 million dollars or 1.23 dollars per diluted share for 2018. For the year, net income increased 18 percent and earnings per diluted share increased 19 percent from the prior year. The company said that although it cannot quantify the impact of coronavirus outbreak, it expects the first quarter results to be negatively impacted.
“We are encouraged by the growth experienced in 2019, building off a stabilized 2018. Cato continues to maintain a strong balance sheet, with approximately $212 million in unrestricted cash and short-term investments and no debt,” said John Cato, Chairman, President and Chief Executive Officer of the company.
Cato Fashions reports 2 percent rise in full year same-store sales
The company further said in a statement that sales for fiscal fourth quarter were 188.4 million dollars, a decrease of 1 percent, while same-store sales increased 1 percent from last year. For the year, the company’s sales decreased 1 percent to 816.2 million dollars, while same-store sales increased 2 percent to last year.
During 2019, the company returned 42.2 million dollars to shareholders through dividends of 32.6 million dollars and share repurchases of 9.6 million dollars. The company maintained its quarterly dividend of 33 cents per share, or 1.32 dollars over the year. For the fiscal year ended February 1, 2020, the company opened five stores and closed 35 stores and operated 1,281 stores in 31 states.
Picture:Cato Fashions website