Cato Posts Loss In Q2; Comps. Down 5%

(RTTNews) - The Cato Corp. (CATO) reported a net loss of $2.3 million or $0.11 per share for the second quarter compared to net income of $14.0 million or $0.62 per share, prior year. Gross margin decreased to 32.4% of sales from 43.9% due to lower merchandise margins and increased freight expense.

Sales were $195.0 million, a decrease of 5% from $206.0 million, last year. The same-store sales decreased 5%, for the quarter.

During the second quarter ended July 30, 2022, the company opened 4 stores, relocated 2 stores and closed 7 stores. As of July 30, 2022, the company has 1,312 stores in 32 states, compared to 1,325 stores in 32 states as of July 31, 2021.

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