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Cato April sales decline, expects to report rise in Q1 earnings

By Prachi Singh

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Business |REPORT

The Cato Corporation has reported sales of 81.9 million dollars for the four weeks ended April 30, 2016, a 3 percent decrease from sales of 84.1 million dollars for the four weeks ended May 2, 2015. Same-store sales decreased 3 percent for the month.

“We now expect first quarter earnings per diluted share will be in the range of 1.23 dollars to 1.27 dollars versus 1.11 dollars last year. The increase in earnings per diluted share is primarily due to favorable adjustments to the effective tax rate as a result of tax initiatives," stated John Cato, Chairman, President, and Chief Executive Officer of the company.

Sales for the first quarter ended were 285.5 million dollars, a 1percent increase from sales of 281.6 million dollars for the first quarter ended May 2, 2015. Same-store sales for the first quarter were flat.

The company said that April sales were impacted by the shift of Easter from early April last year to mid-March this year. Because of this shift, Cato Corporation said, the best measure for performance is the combined sales for the two months, which were flat overall and decreased 2 percent to the prior year on a same-store basis.

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