Cato January Same-Store Sales Down 6%; Sees Q4 EPS Near Midpoint of Previous Guidance of $0.32 to $0.35
The Cato Corporation (NYSE: CATO) today reported sales of $50.5 million for the four weeks ended January 28, 2012, a 4% decrease compared to sales of $52.6 million for the four weeks ended January 29, 2011. Same-store sales for the month decreased 6% from the prior year.
Sales for fiscal fourth quarter ended January 28, 2012 were $221.5 million, a decrease of 1% from sales of $224.0 million for the fourth quarter ended January 29, 2011. For the quarter, same-store sales decreased 4%. For the year, the Company's sales increased 1% to $920.6 million over 2010 sales of $913.1 million. For the year, same-store sales decreased 1%.
"January same-store sales results were in line with our recent trend with the exception of the last week of the month, which was negatively impacted by the timing of tax refunds," commented John Cato, Chairman, President, and Chief Executive Officer. "We now expect fourth quarter EPS results will be near the midpoint of our original guidance range of $0.32 to $0.35 versus $0.37 last year, as restated. For the year, we expect diluted earnings per share will be within the range of $2.18 to $2.21 versus $2.00 last year, as restated, an increase of 9% to 11%."
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.