The Cato Corporation Reports Sales Results for the Month of January 2013 and Fourth Quarter and Full Year Ended February 2, 2013; Provides Earnings Guidance for the Fourth Quarter and Full Year Ended February 2, 2013
February 07, 2013 at 12:01 pm
Share
The Cato Corporation reported sales results for the month of January 2013 and fourth quarter and full year ended February 2, 2013. The company reported sales of $63.8 million for the five weeks ended February 2, 2013, an increase of 26% over sales of $50.5 million for the four weeks ended January 28, 2012. On a comparable five-week basis, total sales for the month decreased 9% and comparable store sales decreased 12% from last year.
Sales for fiscal fourth quarter ended February 2, 2013 were $232.0 million, an increase of 5% over sales of $221.5 million for the fourth quarter ended January 28, 2012. On a comparable 14-week basis, total sales for the quarter decreased 4% and comparable store sales decreased 7% from last year.
For the year, the company's sales increased 1% to $933.8 million over 2011 sales of $920.6 million. On a comparable 53-week basis, total sales for the fiscal year ended February 2, 2013 decreased 1% and comparable store sales decreased 4% from last year.
The company provided earnings guidance for the fourth quarter and full year ended February 2, 2013. The company expected fourth quarter EPS results will be in the range of $0.27 to $0.29 versus $0.35 last year.
For the year, the company expected diluted earnings per share will be within the range of $2.11 to $2.13 versus $2.21 last year.
The Cato Corporation is a fashion specialty retailer. The Company operates through two segments: the operation of a fashion specialty stores segment (Retail Segment) and a credit card segment (Credit Segment). The Company's merchandise lines include dressy, career, and casual sportswear, dresses, coats, shoes, lingerie, costume jewelry, handbags, men's wear and lines for kids and infants. The apparel specialty stores operate under the names Cato, Cato Fashions, Cato Plus, Its Fashion, Its Fashion Metro and Versona, including e-commerce websites. The Versona brand stores and e-commerce Website offer quality fashion apparel items, jewelry and accessories at values every day. The Company offers its own credit cards to its customers and all credit authorizations, payment processing and collection efforts are performed by a wholly owned subsidiary of the Company. It operates approximately 1,178 fashion specialty stores in 31 states, principally in the southeastern United States.
The Cato Corporation Reports Sales Results for the Month of January 2013 and Fourth Quarter and Full Year Ended February 2, 2013; Provides Earnings Guidance for the Fourth Quarter and Full Year Ended February 2, 2013