Cato Reports October Same-Store Sales up 2%
CHARLOTTE, N.C., Nov. 4, 2010 /PRNewswire via COMTEX/ --
The Cato Corporation (NYSE: CATO) today reported sales for the four weeks ended October 30, 2010 of $64.0 million, a 3% increase over sales of $61.9 million for the four week period ended October 31, 2009. Same-store sales for the month increased 2%.
Sales for the third quarter ended October 30, 2010 were $198.0 million, a 4% increase over sales of $191.0 million for the third quarter ended October 31, 2009. Same-store sales for the third quarter increased 2% over the prior year.
Sales for the thirty-nine weeks ended October 30, 2010 were $689.6 million, a 5% increase over sales of $654.4 million for the thirty-nine weeks ended October 31, 2009. The Company's year-to-date same-store sales increased 4%.
"We now expect that earnings per diluted share for the third quarter will be at the high end of our estimated range of $.17 to $.20 versus $.10 last year," stated John Cato, Chairman, President, and Chief Executive Officer. "Inventory remains on plan and in line with sales."
The Company will release third quarter financial results on Thursday, November 18, 2010.
During the month of October, the Company opened seven stores and closed six It's Fashion stores to open It's Fashion Metro stores in the same market. New stores opened in Hinesville and Thomson, GA, New Iberia, LA, Columbia, Greenville and Gulfport, MS and Houston, TX.
Year-to-date, the Company has opened 29 new stores, relocated four stores, and closed 19 stores, 14 of which were closings of It's Fashion stores to open It's Fashion Metro stores in the same market. As of October 30, 2010, the Company operated 1,281 stores in 31 states, compared to 1,291 stores in 31 states as of October 31, 2009.
The Cato Corporation is a leading specialty retailer of value-priced fashion apparel and accessories operating two divisions, "Cato" and "It's Fashion". The Company's Cato division offers exclusive merchandise with fashion and quality comparable to mall specialty stores at low prices every day. The It's Fashion division offers fashion with a focus on the latest trendy styles and nationally recognized urban brands 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 financial results for the third 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; inventory risks due to shifts in market demand and other such factors as are contained in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q . 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