RSS   Newsletter   Contact   Advertise with us

Cato Corporation net income down to $14.8 million

Staff writer ▼ | August 27, 2013
Cato Corporation reported net income of $14.8 million or $0.51 per diluted share for the second quarter ended August 3, 2013, compared to net income of $17.3 million or EPS $0.59 for Q2 2012.
Cato Corporation
Cato CorporationCato Corporation reported net income of $14.8 million or $0.51 per diluted share for the second quarter ended August 3, 2013, compared to net income of $17.3 million or EPS $0.59 for Q2 2012.


Earnings per diluted share exceeded the top end of our current guidance by $0.03; however, both net income and earnings per diluted share decreased 14% from the prior year. Sales for the second quarter ended August 3, 2013 were $229.4 million, down 1% from sales of $231.5 million last year. Second quarter same-store sales decreased 2%.

For the six months ended August 3, 2013, the company earned net income of $45.6 million or $1.56 per diluted share, compared with net income of $49.1 million or $1.68 per diluted share for the six months ended July 28, 2012, a 7% decrease in net income and earnings per diluted share. Sales for the first half were $496.6 million, down 2% to the prior year's first half sales of $504.2 million. Same-store sales for the first half were down 4% from the prior year.

Earnings per diluted share are expected to be within the adjusted range of $1.75 to $1.88 versus $2.11 last year, a decrease of 17% to 11%. By quarter, earnings per diluted share are estimated to be in the range of $0.02 to $0.09 versus $.16 last year for the third quarter and $.17 to $.23 versus $.27 last year for the fourth quarter. Comparable store sales for both the third and fourth quarters are estimated to be in the range of down 3% to flat.

During the first half, the company opened four new stores, relocated three stores and closed eight stores. The company now expects to open 51 stores during 2013. As of August 3, 2013, The Cato Corporation operated 1,306 stores in 31 states, compared to 1,295 stores in 31 states as of July 28, 2012.


 

MORE INSIDE POST