10.04.2008 11:23:00
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Cato Reports March Comp Store Sales Down 9%
CHARLOTTE, N.C., April 10 /PRNewswire-FirstCall/ -- The Cato Corporation today reported sales for the five weeks ended April 5, 2008 of $89.2 million, a 6% decrease from sales of $95.1 million for the five week period ended April 7, 2007. Comparable store sales for the month decreased 9%.
Sales for the nine weeks ended April 5, 2008 were $156.4 million, a 2% decrease from sales of $160.0 million for the nine weeks ended April 7, 2007. The Company's year-to-date comparable store sales decreased 4%.
March sales were unfavorably impacted by the shift of Easter to March 23rd this year versus April 8th last year, while April sales are expected to be favorably impacted by this shift. More specifically, the soft sales week following Easter shifted to March this year compared to April last year.
"In addition to the Easter shift, March sales were impacted by the current retail environment," stated John Cato, Chairman, President, and Chief Executive Officer. "We remain comfortable with our estimated first quarter earnings per diluted share range of $.49 to $.55, a decrease of 17% to 7% from first quarter 2007 diluted earnings per share of $.59."
During the month of March, the Company opened four stores and closed five stores. The new stores opened in Louisville, KY, Rome, NY, Coweta, OK, and Blythewood, SC. As of April 5, 2008, the Company operated 1,320 stores in 32 states, compared to 1,281 stores in 31 states as of April 7, 2007.
The Cato Corporation is a leading specialty retailer of value-priced women's fashion apparel operating two divisions, "Cato" and "It's Fashion!". The Company offers exclusive merchandise with fashion and quality comparable to mall specialty stores at low prices, every day. Additional information on The Cato Corporation is available at http://www.catocorp.com/ .
Statements in this press release not historical in nature including, without limitation, statements regarding the Company's expected financial results for the first quarter are considered "forward-looking" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations that are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contemplated by the forward-looking statements. Such factors include, but are not limited to, the following: general economic conditions; competitive factors and pricing pressures; the Company's ability to predict fashion trends; consumer apparel buying patterns; adverse weather conditions and inventory risks due to shifts in market demand. The Company does not undertake to publicly update or revise the forward-looking statements even if experience or future changes make it clear that the projected results expressed or implied therein will not be realized. The Company is not responsible for any changes made to this press release by wire or Internet services.
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