Cato Fashions' sales drop 9 percent in August

The Cato Corporation reported 9 percent drop in sales for the four weeks ended August 26, 2017 to 56.2 million dollars. Same-store sales in August were down 10 percent to the prior year.

"Negative sales trends persisted in August and continue to put severe pressure on merchandise margins and profitability. Correcting the missteps to our merchandise assortment is taking longer than expected and will continue throughout the back half of the year," said John Cato, Chairman, President, and CEO in a press release.

The company’s sales for the thirty weeks were 498.9 million dollars, down 15 percent, while year-to-date same-store sales also decreased 15 percent.

As of August 26, 2017, the company operated 1,372 stores in 33 states, compared to 1,373 stores in 33 states as of August 27, 2016.

Picture:Cato Fashions website