Cato Shares Lower Amid Solid Q1 Results, FY Outlook; Q2 Guidance Weighs
The Cato Corporation (NYSE: CATO) announced its fiscal first quarter earnings Tuesday to a bearish response by investors.
The company reported a net income of $30 million which is down three percent year-over-year. Sales for this quarter were up six percent from the first quarter last year to $282.5 million.
Analysts estimated Cato to report its first quarter earnings at $1.04 per share on revenue of $284.90 million.
EPS of $1.04 is down one percent year-over-year.
Chairman, President and CEO John Cato offered some guidance for the full-year and second quarter, respectively, stating "our estimated earnings per diluted share for the full year is now a range of $1.66 to $1.79 versus $1.86 last year and versus original guidance of $1.47 to $1.66. [as well as] the revised earnings per diluted share estimate for the second quarter is a range of $0.40 to $0.45 versus $0.51 last year."
Cato is down almost seven percent to $28.32 at last checked trade Tuesday.
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