CHARLOTTE, N.C., March 5, 2020 /PRNewswire/ -- The Cato
Corporation (NYSE: CATO) today reported sales for the four weeks
ended February 29, 2020 of
$57.3 million, a 3% decrease compared
to sales of $59.1 million for the
four week period ended March 2,
2019. Same-store sales for the month decreased 3% from the
prior year.
"February same store sales were below our expectations," stated
John Cato, Chairman, President, and
Chief Executive Officer.
During the month of February, the Company opened fifteen stores,
relocated one store and closed two. As of February 29, 2020, the Company operated 1,294
stores in 31 states, compared to 1,308 stores in 31 states as of
March 2, 2019.
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.
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