Cato Reports November Same-Store Sales Up 5%

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Dec 02, 2010, 07:00 ET

CHARLOTTE, N.C., Dec. 2, 2010 /PRNewswire-FirstCall/ -- The Cato Corporation (NYSE: CATO) today reported sales for the four weeks ended November 27, 2010 of $65.8 million, an increase of 7% over sales of $61.6 million for the four week period ended November 28, 2009. Same-store sales for the month increased 5%.

Sales for the ten months ended November 27, 2010 were $755.4 million, an increase of 6% over sales of $716.0 million for the ten months ended November 28, 2009. The Company's year-to-date same-store sales increased 4%.

"November same-store sales were above expectations," commented John Cato, Chairman, President, and Chief Executive Officer. "We remain cautious in regard to expected same-store sales for the remainder of the fourth quarter primarily due to a more difficult comparison in December."

In November, the Company opened two stores. New stores opened in Orangeburg, SC and Vienna, WV. As of November 27, 2010, the Company operated 1,283 stores in 31 states, compared to 1,293 stores in 31 states as of November 28, 2009.

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 same-store sales results for the fourth 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; inventory risks due to shifts in market demand and other such factors as are contained in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q . 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