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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 Corporation reported a net loss of $7.2 million for Q2 2020, reflecting a significant downturn compared to a net income of $11.9 million in Q2 2019. Sales decreased by 21% to $166.3 million, with same-store sales dropping 24%. For the first half of 2020, Cato's net loss totaled $35.6 million, with sales down 40% year-over-year. Although all stores reopened by June 15, ongoing impacts from COVID-19 remain a concern. The company ended the quarter with $137 million in cash and no outstanding credit balance. Cato continues to prioritize safety amidst the pandemic.