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Cato 2Q Income Up 38%

(Filed Under Financial and General Interest News). Cato Corporation, a southeastern-based retailer of women’s apparel including intimates and plus sizes, cited an increase in net income of 38 percent during the second quarter ended August 1st, 2009; to $16.7 million from $12.1 million during last year’s second quarter. Earnings per diluted share grew 37 percent; to 56 cents per diluted share from 41 cents per diluted share. Sales totaled at $225.4 million from $231 million, a 2 percent decrease, while comparable store sales decreased 3 percent.

For the six months ended August 1, 2009, the company earned net income of $35.5 million, or $1.20 per diluted share, compared with net income of $28.9 million, or 98 cents per diluted share, an 23 percent increase in net income and 22 percent increase in earnings per diluted share. Sales totaled at $463.4 million, a 1 percent increase, and comparable store sales were flat.

Cato opened 12 new stores and closed eight during the first half of 2009, and expects to open approximately 46 total stores during 2009.

The company expects earnings per share for fiscal 2009 to be in the range of $1.21 to $1.29; a 6 to 13 percent increase. For the third and fourth quarters, the company expects comparable stores to range between negative 3 percent and flat.

At the end of the second quarter, Cato Corporation operated 1,287 discount stores in 31 states, primarily in the southeastern United States under the Cato and It’s Fashion Names. The company also operates a credit card division.

more Financial and General Interest News >>

Published 08-20-2009 by Amanda Torres Price

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