Fashion specialty retailer Cato's Q3 net income rise 44%
15 Nov '06
3 min read
"We estimate fourth quarter earnings per diluted share will be in the range of $.40 to $.43 versus $.37 last year, an increase of 8 percent to 16 percent."
"This estimate is based on comparable store sales in the range of down 2 percent to up 2 percent. For the year, earnings per diluted share are estimated to be in the range of $1.62 to $1.65 versus $1.41 last year, an increase of 15 percent to 17 percent."
The Company's fourth quarter includes 14 weeks compared to 13 weeks in 2005 and the fiscal year includes 53 weeks compared to 52 weeks in 2005.
The additional week is expected to have a positive earnings effect of approximately $.05 per diluted share. Earnings guidance both for the fourth quarter and year reflects this impact. The guidance does not reflect proceeds from currently unresolved insurance claims related to last year's hurricanes.
Year-to-date, the Company has opened 38 new stores, relocated 15 stores, and closed 12 stores. As of October 28, 2006, the Company operated 1,270 stores in 31 states, compared to 1,222 stores in 31 states as of October 29, 2005.
The Company now expects to open 22 stores in the fourth quarter, which would bring the total number of new stores opened for the year to 60.
marketing@alchempro.com
