Cato Fashions reports 16 percent drop in June same-store sales

The Cato Corporation has reported sales of 74.7 million dollars for the five weeks ended July 1, 2017, which were down 15 percent versus sales of 88 million dollars for the five weeks ended July 2, 2016. Same-store sales for the period were down 16 percent to last year.

"Our negative sales trends persisted in June and the decline in sales continues to put severe pressure on merchandise margins and profitability. Second quarter and full year earnings will be significantly below last year," commented John Cato, Chairman, President, and Chief Executive Officer in a media release.

Sales for the twenty-two weeks were 386.5 million dollars, down 16 percent over sales of 460.9 million dollars for the twenty-two weeks ended July 2, 2016. The company's year-to-date same-store sales decreased 16 percent.

During the month of June, the company opened one store in Lake City, FL and operated 1,374 stores in 33 states as of July 1, 2017.

Picture:Cato Fashions website