Cato Corp. Posts Wider Loss In Q3; Same-store Sales Down 8%

(RTTNews) - The Cato Corp. (CATO) reported a net loss of $6.1 million or $0.30 per share for the third quarter, compared to a net loss of $4.5 million or $0.21 per share, prior year. Gross margin increased to 32.5% from 29.3% due to higher merchandise margins, partially offset by increased freight and occupancy costs as a percent of sales.

Sales for the third quarter were $156.7 million, a decrease of 10% from sales of $174.9 million, last year. Same-store sales for the quarter decreased 8%.

Given the current economic conditions, the company believes that the fourth quarter will remain challenging.

As of October 28, 2023, the company has 1,245 stores in 31 states, compared to 1,317 stores in 32 states as of October 29, 2022.

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