Cato 5-week Comps. Down 16%; Q2 Earnings To Be Significantly Below Prior Year

(RTTNews) - The Cato Corp. (CATO) reported sales of $74.7 million for the five weeks ended July 1, 2017, which were down 15% from $88.0 million, prior year. Same-store sales for the five-week period were down 16%.

"Our negative sales trends persisted in June and the decline in sales continues to put severe pressure on merchandise margins and profitability. Second quarter and full year earnings will be significantly below last year," stated John Cato, CEO.

For the twenty-two weeks ended July 1, sales were $386.5 million, down 16% over $460.9 million, last year. Year-to-date same-store sales decreased 16%.