- Prachi Singh |
The Cato Corporation has reported sales of 69.8 million dollars for the five weeks ended September 30, 2017, an 8 percent decrease from sales of 76.2 million dollars for the same period ended October 1, 2016. Same-store sales decreased 11percemt from the prior year.
"Negative sales trends continue to put severe pressure on merchandise margins and profitability as we continue to work through our merchandise missteps," stated John Cato, the company’s Chairman, President, and Chief Executive Officer in a press release, adding, "It is taking longer to work through these issues than expected and we expect full year earnings to be significantly below last year."
Sales for the thirty-five weeks were 568.7 million dollars, down 14 percent to sales of 660.3 million dollars for the thirty-five weeks period last year. The company's year-to-date same-store sales decreased 14 percent from the prior year.
As of September 30, 2017, the company operated 1,369 stores in 33 states, compared to 1,373 stores in 33 states as of October 1, 2016.