Cato Corp. sales rise 3 percent
Published: January 6, 2011
Time posted: 1:20 pm
Tags: Cato Corp.
Charlotte-based women’s clothing retailer Cato Corp. said Thursday it had $106.6 million in sales for the five weeks that ended Saturday, a 3 percent increase over $104 million in the five weeks that ended Jan. 2, 2010.
Sales at stores open for at least a year were flat.
Sales for the eleven months that ended Saturday were $862.0 million, a 5 percent increase over $820 million for the eleven months that ended Jan. 2, 2010.
Year-to-date same-store sales increased 4 percent over the prior year.
President John Cato said December same-store sales were impacted by “a difficult comparison to the prior year.”
The company estimates fourth-quarter earnings per diluted share toward the lower end of original projections of 25 to 28 cents, compared with 25 cents last year.
Cato Corp. also estimates full-year earnings to be toward the lower end of $1.94 to $1.97, compared with $1.55 last year.
The company closed seven stores in December.
It now operates 1,276 stores in 31 states, six fewer than it had Jan. 2, 2010.