Cato Reports September SSS Down 4%
The Cato Corporation (NYSE: CATO) today reported sales of $71.1 million for the five weeks ended September 29, 2012, a 1% increase over sales of $70.7 million for the five weeks ended October 1, 2011. Same-store sales for the five-week period decreased 4% from the prior year.
Sales for the thirty-five weeks ended September 29, 2012 were $637.5 million, flat to sales of $636.4 million for the thirty-five weeks ended October 1, 2011. The Company's year-to-date same-store sales decreased 3% from the prior year.
"September same-store sales reflect a minimal negative impact from Hurricane Issac and were mostly in line with our year-to-date trend," stated John Cato, Chairman, President, and Chief Executive Officer. "We now expect third quarter earnings per diluted share will be at the lower end of our guidance range of $.12 to $.17 versus $.21 last year."
During the month of September, the Company opened five new stores and closed one store. New stores opened in Little Rock, AR, Topeka, KS, Bayou Vista, LA, Raleigh, NC and Terrell, TX. The one closed store was an It's Fashion store closed to open an It's Fashion Metro store in the same market. As