Cato reports February same store sales down 5%
The Cato Corporation has reported its February same store sales are down 5% over last year. It also reported a 5% increase over sales of $63.8 million for the four-week period ending February 25, 2017.
John Cato, Chairman, President, and Chief Executive Officer, reported that "February same store sales were below our expectations." He added, "However, inventory levels are in-line due to strong inventory management."
Cato reports it is operating twenty fewer stores than it was for the same period last year. It still operates in 33 states, however it reduced its retail footprint from 1,371 locations in 2017 to 1,351 locations as of March 3 of this year.
The company operates three value-based specialty fashion and accessories brands Cato, Versona and It's Fashion. Branded Cato stores offer exclusive product at low prices that is comparable to mall specialty retailers. Versona offers low priced apparel, accessories, jewelry, handbags and shoes. Both brands are also available through e-commerce.
The Cato Company's It's Fashion is the more trend-focused line of the three labels. It offers low priced fashion for the whole family.
Copyright © 2022 FashionNetwork.com All rights reserved.