Cato Reports April Same-Store Sales Up 18% Updates 1Q EPS Estimate
CHARLOTTE, N.C., May 8, 2014 /PRNewswire/ -- The Cato Corporation (NYSE: CATO) today reported sales of $93.5 million for the four weeks ended May 3, 2014, a 21% increase from sales of $77.0 million for the four weeks ended May 4, 2013. Same-store sales increased 18% for the month.
Sales for the first quarter ended May 3, 2014 were $282.5 million, a 6% increase from sales of $267.2 million for the first quarter ended May 4, 2013. Same-store sales for the first quarter increased 3%.
The shift of Easter from late March last year to mid-April this year favorably impacted April sales, while March sales were unfavorably impacted. Because of this shift, the best measure for performance is the combined sales for the two months, which increased 7% overall and were up 5% to the prior year on a same-store basis.
"April sales and the combined sales for March and April were above expectations," stated John Cato, Chairman, President, and Chief Executive Officer. "We now expect first quarter earnings per diluted share will be in the range of $1.03 to $1.05 versus $1.05 last year and up from our previous guidance of $.89 to $.95.
The Company will release first quarter results on Tuesday, May 20, 2014.
During the month of April, the Company opened four stores and closed two stores. New stores opened in Slidell, LA, Easton, MD, Bay City, MI and Mitchell, SD. As of May 3, 2014, the Company operated 1,324 stores in 32 states, compared to 1,307 stores in 31 states as of May 4, 2013.
The Cato Corporation is a leading specialty retailer of value-priced fashion apparel and accessories operating three concepts, "Cato," "Versona," and "It's Fashion." The Company's Cato stores offer exclusive merchandise with fashion and quality comparable to mall specialty stores at low prices every day. The Company also offers exclusive merchandise found in its Cato stores at www.catofashions.com. Versona is a unique fashion destination offering accessories and apparel including jewelry, handbags and shoes at exceptional prices every day. It's Fashion offers fashion with a focus on the latest trendy styles for the entire family at low prices every day. Additional information on The Cato Corporation is available at www.catocorp.com.
Statements in this press release not historical in nature including, without limitation, statements regarding the Company's expected or estimated financial results for the first quarter are considered "forward-looking" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations that are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contemplated by the forward-looking statements. Such factors include, but are not limited to, the following: general economic conditions; competitive factors and pricing pressures; the Company's ability to predict fashion trends; consumer apparel buying patterns; adverse weather conditions and inventory risks due to shifts in market demand and other factors discussed under "Risk Factors" in Part I, Item 1A of the Company's most recently filed annual report on Form 10-K, as amended or supplemented, and in other reports the Company files with or furnishes to the SEC from time to time. The Company does not undertake to publicly update or revise the forward-looking statements even if experience or future changes make it clear that the projected results expressed or implied therein will not be realized. The Company is not responsible for any changes made to this press release by wire or Internet services.
SOURCE The Cato Corporation
