CHARLOTTE, N.C., March 6 /PRNewswire-FirstCall/ -- The Cato Corporation (NYSE:CTR) today reported sales for the four weeks ended March 1, 2008 of $67.2 million, a 4% increase over sales of $64.9 million for the four week period ended March 3, 2007. Comparable store sales for the month were up 3% over the prior year.
"Warmer weather during the first half of February resulted in positive comparable store sales trends," commented John Cato, Chairman, President, and Chief Executive Officer. "Sales were better in both regular priced and clearance goods. Our inventory position is fresh and in line with our sales expectations. Due to the continuing weak economic conditions, we expect flat to single digit negative comparable store sales trends for the first quarter of 2008." The Company opened six stores and closed three stores during February. New stores opened in Tempe, AZ, Alma and Pine Bluff, AR, Jackson and Meridian, MS, and Danville, VA. One of the closed stores was damaged by a tornado and there is no expectation to rebuild at this time. As of March 1, 2008, the Company operated 1,321 stores in 32 states, compared to 1,278 stores in 31 states as of March 3, 2007.
The Cato Corporation is a leading specialty retailer of value-priced women's fashion apparel operating two divisions, "Cato" and "It's Fashion!". The Company offers exclusive merchandise with fashion and quality comparable to mall specialty stores at low prices, every day. Additional information on The Cato Corporation is available at http://www.catocorp.com/.
Statements in this press release not historical in nature including, without limitation, statements regarding the Company's expected comparable store sales for the first quarter of 2008 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, as well as such other factors and considerations 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. DATASOURCE: The Cato Corporation CONTACT: Thomas W. Stoltz, Executive Vice President and Chief Financial Officer of The Cato Corporation, +1-704-551-7201 Web site: http://www.catocorp.com/
|