Cato Corp. Posts Narrower Loss In Q4; Same-store Sales Up 3%

(RTTNews) - The Cato Corporation (CATO) reported a net loss of $3.0 million or $0.14 per share for the fourth quarter, compared to a net loss of $6.5 million or $0.30 per share, prior year.

Sales were $177.5 million, an increase of 2% from sales of $173.6 million, last year. The same-store sales for the quarter increased 3%.

During 2022, the company opened 15 stores, relocated 4 stores and permanently closed 46 stores. As of January 28, 2023, the company operated 1,280 stores in 32 states, compared to 1,311 stores in 32 states as of January 29, 2022. During 2023, the company plans to open up to 30 new stores and close up to 50 stores as leases expire. The company noted that these store closings are anticipated to have minimal financial impact.

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