Cato Slips To Loss In Q3 - Quick Facts

(RTTNews) - Cato Corp. (CATO), a specialty retailer of fashion apparel and accessories, reported Thursday that its net loss for the third quarter was $3.62 million or $0.15 per diluted share, compared to net income of $5.99 million or $0.24 per share in the year-ago period.

Revenues for the quarter decreased to $150.79 million from $191.52 million last year. Of this, retail sales declined 21 percent to $149.21 million from $189.36 million in the year-ago period.

The company's same-store sales for the quarter decreased 23 percent compared to the same period last year.

"Sales in the third quarter reflected continued softening of customer demand as COVID-19 cases continued to rise throughout our market areas and many people still have not returned to work. As we see this trend continuing, we anticipate that the remainder of the year will be challenging," stated John Cato, Chairman, President, and Chief Executive Officer.