Cato March same-store sales down 12 percent

The Cato Corporation has said that sales for the five weeks ended April 1, 2017 of 93.2 million dollars, a 22 percent decrease from sales of 118.8 million dollars for the same period ended April 2, 2016. Same-store sales for the month decreased 21 percent.

"We expect current sales headwinds to continue as we work through our merchandise assortment missteps," said John Cato, Chairman, President, and CEO of Cato Corporation in a media statement, adding, "In addition, March sales were negatively impacted by the shift of Easter from March last year to April this year. Because of this shift, the best measure for performance is the combined sales for the two months."

Sales for the nine weeks ended April 1, 2017 were 157.1 million dollars, down 23 percent from sales of 203.6 million dollars for the nine weeks ended April 2, 2016. The company's year-to-date same-store sales were down 22 percent to the prior year.

During the month of March, the company opened two stores and relocated one store. As of April 1, 2017, Cato operated 1,373 stores in 33 states, compared to 1,371 stores in 32 states as of April 2, 2016.

Picture:Cato Fashions website