Cato’s May comparable sales down 16 percent

The U.S. retail group reported Thursday sales of 74.2 million dollars for the four weeks ended May, 27. This figure implies a 15 percent dip compared to the 87.4 million dollars Cato Corporation (NYSE: CATO) registered for the four weeks ended May 28, 2016.

"Our negative sales trends persisted throughout May as we continued to work through our merchandise assortment missteps," stated John Cato, the Company's Chairman, President, and Chief Executive Officer in a statement.

Sales for the year to May, 27 came in at 311.9 million dollars, a 16 percent decrease versus sales of 372.9 million dollars in the comparable period last year. The company's year-to-date same-store sales decreased 17 percent.

As of May 27, the affordable fashion and accessories retailer operated 1,373 stores in 33 states, one net more than a year ago.