CHARLOTTE, N.C., April 6, 2017 /PRNewswire/ -- The Cato
Corporation (NYSE: CATO) today reported sales for the five weeks
ended April 1, 2017 of $93.2 million, a 22% decrease from sales of
$118.8 million for the five week
period ended April 2, 2016.
Same-store sales for the month decreased 21%
Sales for the nine weeks ended April 1,
2017 were $157.1 million, a
23% decrease from sales of $203.6
million for the nine weeks ended April 2, 2016. The Company's year-to-date
same-store sales were down 22% to the prior year.
"We expect current sales headwinds to continue as we work
through our merchandise assortment missteps," said John Cato, Chairman, President, and Chief
Executive Officer. "In addition, March sales were
negatively impacted by the shift of Easter from March last year to
April this year. Because of this shift, the best measure for
performance is the combined sales for the two months."
During the month of March, the Company opened two stores and
relocated one store. As of April 1,
2017, the Company operated 1,373 stores in 33 states,
compared to 1,371 stores in 32 states as of April 2, 2016.
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 apparel and accessories including jewelry,
handbags and shoes at exceptional prices every day. Select
Versona merchandise can also be found at www.shopversona.com.
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 operational and financial results 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: any
actual or perceived deterioration in the conditions that drive
consumer confidence and spending, including, but not limited to,
levels of unemployment, fuel, energy and food costs, wage rates,
tax rates, home values, consumer net worth and the availability of
credit; uncertainties regarding the impact of any governmental
responses to the foregoing conditions; competitive factors and
pricing pressures; our ability to predict and respond to rapidly
changing fashion trends and consumer demands; adverse weather or
similar conditions that may affect our sales or operations;
inventory risks due to shifts in market demand, including the
ability to liquidate excess inventory at anticipated margins; 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 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.
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SOURCE The Cato Corporation