Cato Provides Business Update

CHARLOTTE, N.C., May 1, 2020 /PRNewswire/ -- The Cato Corporation (NYSE: CATO) today announced it reopened a majority of its stores, consistent with local health and safety guidelines and regulations. Company management will assess the guidance and local government mandates on a location by location basis as it executes its plan to reopen stores.

"We are pleased to announce we are reopening our stores, welcoming back our valued associates and serving our loyal customers who have been supportive during these challenging times," said John Cato, Chairman, President and Chief Executive Officer. "Stores are reopening on a rolling basis, in compliance with CDC and governmental guidelines. As always, we remain committed to protecting our customers, associates and communities that we serve and observing social distancing at all locations."

To maintain the safety of its associates and customers, Cato is providing masks and disposable gloves for their associates to wear, as well as having hand sanitizer available to associates and customers, coupled with enhanced cleaning procedures in all locations.

Statements in this press release not historical in nature including, without limitation, statements regarding the Company's expected or estimated operational and financial results and potential impact of the coronavirus 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, any actual or perceived deterioration in the conditions that drive consumer confidence and spending, including, but not limited to, prevailing social, economic, political and public health conditions and uncertainties, levels of unemployment, fuel, energy and food costs, wage rates, tax rates, interest rates, home values, consumer net worth and the availability of credit; changes in laws or regulations affecting our business including tariffs; 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; our ability to successfully open new stores as planned and our ability of any such new stores to grow and perform as expected; adverse weather, public health threats (including the global coronavirus (COVID-19) outbreak) 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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