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The Cato Corporation reports retail operating results for its specialty apparel and accessories business under the Cato, Versona and It's Fashion concepts. The company sells value-priced fashion apparel, shoes, jewelry, handbags and related accessories through stores and e-commerce, with a store base operating across 31 states.
Recurring news covers quarterly and full-year earnings, sales and same-store sales, gross margin, distribution and buying costs, SG&A expense, tax items and store openings, relocations or closures. Company updates also address merchandise flow, supply chain costs, weather effects, tariff pressure, discretionary spending trends and board actions involving the regular quarterly dividend.
The Cato (NYSE: CATO) reported Q2 2024 results with net income of $0.1 million or $0.01 per diluted share, down from $1.1 million or $0.06 per share in Q2 2023. Sales decreased 8% to $166.9 million, primarily due to closed stores and a 2% same-store sales decline. For the first half of 2024, net income was $11.1 million or $0.54 per share, up from $5.6 million or $0.27 per share in 2023. Gross margin decreased to 34.6% from 35.1%, while SG&A expenses increased to 34.9% of sales from 34.0%. The company closed five stores during Q2, operating 1,166 stores across 31 states as of August 3, 2024.
The Cato (NYSE: CATO) has announced a regular quarterly dividend of $0.17 per share, payable on June 24, 2024, to shareholders of record as of June 10, 2024. This quarterly dividend, amounting to $0.68 annually, offers an annualized yield of 11.7%, based on the closing market price on May 23, 2024.
Cato operates three retail concepts: 'Cato,' 'Versona,' and 'It's Fashion,' specializing in value-priced fashion apparel and accessories. Their merchandise is available both in stores and online. The company notes that the press release contains forward-looking statements that are subject to various risks and uncertainties.
Cato (NYSE: CATO) reported a net income of $11.0 million ($0.54 per diluted share) for Q1 2024, up from $4.4 million ($0.22 per share) in Q1 2023.
Sales dropped by 8% to $175.3 million, and same-store sales fell by 6%, attributed to high interest rates and inflation affecting customer spending.
Gross margin remained steady at 35.8%, while Selling, General & Administrative (SG&A) expenses decreased to $56.8 million from $61.9 million.
Interest and other income surged to $5.8 million, driven by a $3.2 million gain on land sale. Tax expenses decreased to $0.6 million.
The company repurchased 431,415 shares, closed seven stores, and ended with 1,171 stores in 31 states.
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