Fashion retailer Cato Corporation has posted net income of $20.8 million or $.65 per diluted share for the first quarter ended April 29th 2006, compared to net income of $18.4 million or $.58 per diluted share for the first quarter ended April 30th 2005.
The net income increased 13 percent and earnings per diluted share increased 12 percent from the prior year. Sales for the first quarter were $229.7 million, a 7 percent increase over sales of $215.1 million for the first quarter last year. The company's first quarter comparable store sales increased 2 percent.
"Our first quarter results slightly exceeded our revised EPS range of $.62 to $.64," said John Cato, Chairman, President, and CEO.
During the first quarter, the company opened 11 stores, relocated seven stores, and closed three stores. As of April 29th 2006, the company operated 1,252 stores in 31 states, compared to 1,188 stores in 31 states as of April 30th 2005.
The Cato Corporation is a leading specialty retailer of value-priced women's fashion apparel operating two divisions, 'Cato' and 'It's Fashion!'. It offers exclusive merchandise with fashion and quality comparable to mall specialty stores at low prices, every day.
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