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Cato Corp. says net income rose in 1Q

Cato Corp. today said its net income was higher in the first quarter than the same quarter a year ago.

The Charlotte-based company said it had earnings of $30.5 million, or $1.04 per diluted share, for the quarter that ended April 30, up from earnings of $25.1 million, or 85 cents per diluted share, for the first quarter that ended May 1, 2010.

Sales for the recent first quarter were $270.9 million, up 5 percent over $259 million in sales for the year-ago quarter.

The clothing retailer said it opened four stores, relocated one and closed four in the recent first quarter.

As of April 30, Cato Corp. operated 1,282 stores in 31 states, up from 1,272 stores in 31 states as of May 1, 2010.

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