Cato Corp. Q3 Profit Rises - Quick Facts

(RTTNews) - The Cato Corp. (CATO) reported third-quarter net income of $5.7 million, compared to $4.9 million, prior year, an increase of 16%. Earnings per share were $0.20, compared to $0.17 last year.

Retail sales were $213.8 million, an 8% increase over $198.8 million, a year ago. Same-store sales for the quarter increased 4%. Total revenues were $216.0 million, compared to $201.0 million.

For the quarter, gross margin rate increased to 36.2% of sales from 35.2% last year, primarily due to higher merchandise margin, the company said.

The company continues to expect fourth-quarter earnings per share to be within the original guidance range, updated for share repurchases, of $0.13 to $0.17. For the year, the company expects earnings per share to be in the range of $1.95 to $1.99.