Cato July same-store sales decline 10 percent

The Cato Corporation reported sales of 61.2 million dollars for the four weeks ended July 30, 2016, down 8 percent to sales of 66.9 million dollars for the four weeks ended August 1, 2015. Same-store sales for the month were down 10 percent to the prior year.

"July same-store sales were well below our expectations," commented John Cato, Chairman, President, and CEO, adding, "We now expect second quarter earnings will be in the range of 0.52 dollar to 0.55dollar versus 0.56 dollar last year, a decrease of 7 percent to 2 percent.”

Sales for the second quarter ended July 30, 2016 were 236.7 million dollars, down 5 percent and same-store sales were down 6 percent to prior year. Sales for the first half were 522.2 million dollars, down 2 percent to the prior year's first half sales of 530.8 million dollars. Same-store sales were down 3 percent to the prior year.

As of July 30, 2016, The Cato Corporation operated 1,373 stores in 33 states, compared to 1,358 stores in 32 states as of August 1, 2015.

picture:cato fashions