Cato Q3 Profit Down; Continues To Expect FY Earnings Below Last Year

(RTTNews) - Cato Corp. (CATO) reported that its net income declined to for the third quarter ended October 28, 2017 to $2.7 million from $8.3 million for the third quarter ended October 29, 2016. Earnings per share for the third quarter were $0.11, compared to $0.30 last year.

Sales for the third quarter ended October 28, 2017 were $188.4 million, a 9% decrease from sales of $207.0 million for the third quarter ended October 29, 2016. Same-store sales for the quarter decreased 9%

"Consistent with our previous releases, pressure on merchandise margins and profitability persist as we continue to work through our merchandise missteps," said John Cato, Chairman, President, and Chief Executive Officer. "The negative sales trends are below our expectations and, consequently, we continue to expect our full year earnings to be significantly below last year."