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Cato same-store sales decline 14 percent in April

By Prachi Singh

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The Cato Corporation reported sales of 84.1 million dollars for the four weeks ended May 2, 2015, a 10 percent decrease from sales of 93.5 million dollars for the four weeks ended May 3, 2014. Same-store sales decreased 14 percent for the month.

Sales for the first quarter ended May 2, 2015 were 281.6 million dollars, a slight decrease from sales of 282.5 million dollars for the first quarter ended May 3, 2014. Same-store sales for the first quarter decreased 3 percent. The company attributed unfavourable impact of shift of Easter from late mid-April last year to early April this year on April sales, while March sales were favorably impacted.

“We now expect first quarter earnings per diluted share will be in the range of 1.08 dollar to 1.10 dollars versus 1.04 dollars last year. The increase in earnings per diluted share is primarily due to lower incentive compensation expenses and a favorable tax adjustment," stated John Cato, Chairman, President, and Chief Executive Officer.

The company will release first quarter results on May 21, 2015. During the month of April, the company opened three stores and as of May 2, 2015, it operated 1,352 stores in 32 states, compared to 1,324 stores in 32 states as of May 3, 2014.

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