Cato earnings increase 7 percent in Q1

The Cato Corporation reported net income of 31.1 million dollars or 1.11 dollars per diluted share for the first quarter ended May 2, 2015, compared to net income of 30 million dollars or 1.04 dollars per diluted share for the first quarter ended May 3, 2014. Net income increased 4 percent and earnings per diluted share increased 7 percent for the quarter. Earnings per share benefited 0.03 dollars due to share repurchases in the first quarter of 2014. Sales for the first quarter were 281.6 million dollars, or flat compared to the first quarter ended May 3, 2014. The Company's same-store sales decreased 3 percent in the quarter.