Cato Reports August Same-Store Sales Down 3%

News provided by

Sep 01, 2011, 07:00 ET

CHARLOTTE, N.C., Sept. 1, 2011 /PRNewswire/ -- The Cato Corporation (NYSE: CATO) today reported sales for the four weeks ended August 27, 2011 of $60.6 million, a 2% decrease from sales of $62.0 million for the four week period ended August 28, 2010. Same-store sales decreased 3% in August.

Sales for the thirty weeks ended August 27, 2011 were $565.7 million, a 2% increase over sales of $552.9 million for the thirty weeks ended August 28, 2010. The Company's year-to-date same-store sales were flat to the prior year.

"August same-store sales continued to reflect the difficult economic situation facing many of our customers," commented John Cato, Chairman, President, and Chief Executive Officer. "Hurricane Irene had minimal negative impact on sales for the month."

During the month of August, the Company opened a new store in Boynton Beach, FL and closed one store. As of August 27, 2011, the Company operated 1,285 stores in 31 states, compared to 1,277 stores in 31 states as of August 28, 2010.

The Cato Corporation is a leading specialty retailer of value-priced fashion apparel and accessories operating two divisions, "Cato" and "It's Fashion". The Company's Cato division offers exclusive merchandise with fashion and quality comparable to mall specialty stores at low prices every day. The It's Fashion division offers fashion with a focus on the latest trendy styles and nationally recognized urban brands for the entire family at low prices every day. Additional information on The Cato Corporation is available at www.catocorp.com.

Statements in this press release not historical in nature including, without limitation, statements regarding the Company's expected or estimated financial results and any related assumptions 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 and other factors discussed under "Risk Factors" in Part I, Item 1A of the Company's most recently filed annual report on Form 10-K, as amended or supplemented, and in other reports the Company files with or furnishes to the SEC from time to time. 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.

SOURCE The Cato Corporation