Cato Q3 Profit, Revenue Up - Quick Facts

(RTTNews) - The Cato Corp. (CATO) Thursday said third-quarter net income increased to $8.3 million from $5.7 million in the previous year. Earnings per share climbed to $0.30 from $0.20 last year.

Sales grew 4 percent to $223.3 million from $213.8 million for the third quarter ended November 1, 2014. Same-store sales for the quarter increased 2 percent.

Total revenues advanced to $225.5 million from $216 million reported last year.

John Cato, Chairman, President, and Chief Executive Officer, said, "Our third quarter results exceeded our latest guidance. This was primarily the result of recent stronger sales trends and a favorable tax adjustment."

The company expects fourth quarter earnings per share to be at the lower end of its original guidance range of $0.35 to $0.39 versus $0.33 last year due to unfavorable comparisons to fourth quarter last year.

For the year, earnings per share are now estimated to be in the range of $2.31 to $2.35 versus $2.15 last year. In August, the company projected earnings within the range of $2.10 to $2.23 per share.