The Cato Corporation held its Annual Shareholders Meeting on Thursday, May 25, 2006 at its corporate offices in Charlotte, NC. In his comments to shareholders, John Cato, Chairman, President, and Chief Executive Officer, highlighted the Company's 2005 performance, including a 29 percent increase in net income, a 27 percent increase in earnings per share, and the opening of 82 new stores.
Mr. Cato noted a number of successful initiatives begun in 2005 including the consolidation of the Company's private labels into a single "Cato" label and the implementation of the Company's new marketing theme, "A New Statement of Style." He also discussed the Company's successful realignment of its merchandising and product development areas.
Mr. Cato noted, "The Cato label promises customers on-trend fashion, high quality, exclusive styling and fit, and exceptional value. Our merchandising and product development teams are working together to ensure that promise is delivered."
Mr. Cato also discussed the Company's plan to further strengthen the Cato brand by continuing to develop a distinctive fashion point of view with more proprietary designs.
Mr. Cato commented, "We will continue to use influences from around the world, placing additional emphasis on fashion and color trends. Simply put, we are using more fashion information than ever and we are putting it to work for our customer."
In a meeting of the Board of Directors prior to the Annual Meeting, the Board increased the Company's dividend to $0.60 on an annualized basis, a 15 percent increase. This follows an 11 percent increase in May 2005.
marketing@alchempro.com
