Fashion retailer Cato June comp store sales slip 3%
07 Jul '06
2 min read
Women's special retailer The Cato Corporation reported sales of $80.5 million for the five weeks ended July 1, 2006, a 2 percent increase over sales of $79.1 million for the five weeks ended July 2, 2005. Comparable store sales for the five-week period decreased 3 percent.
Sales for the twenty-two weeks ended July 1, 2006 were $384.1 million versus sales of $366.5 million for the twenty-two weeks ended July 2, 2005, a 5 percent increase. The Company's year-to-date comparable store sales were flat to the prior year.
"June sales were soft," commented John Cato, Chairman, President, and Chief Executive Officer. "However, for the second quarter we remain comfortable with our previous earnings per diluted share estimate of $.34 to $.37 versus $.34 last year."
During the month of June, the Company opened nine new stores, relocated two stores, and closed one store. New stores opened in Sioux City, IA, Shepherdsville, KY, Chesterfield Township and Ionia, MI, Las Vegas, NM, Findlay and Springfield, OH, and Austin and Round Rock, TX. The relocated stores were in Eastman, GA and Muskogee, OK. As of July 1, 2006, The Cato Corporation operated 1,259 stores in 31 states, compared to 1,196 stores in 31 states as of July 2, 2005.
The Cato Corporation is a leading specialty retailer of value-priced women's fashion apparel operating two divisions, "Cato" and "It's Fashion!". The Company offers exclusive merchandise with fashion and quality comparable to mall specialty stores at low prices, every day.
marketing@alchempro.com
