Cato Corp. Dec. Comps. Up 6%; Updates Guidance - Quick Facts

(RTTNews) - The Cato Corporation (CATO) reported sales for the five weeks ended January 3, 2015 of $109.2 million, a 9% increase from sales of $100.1 million for the five weeks ended January 4, 2014. Same-store sales increased 6%.

Sales for the eleven months ended January 3, 2015 were $923.0 million, a 7% increase from sales of $862.7 million for the eleven months ended January 4, 2014. Year-to-date same-store sales increased 4%.

"December same-store sales results were positively impacted by the weather and were above expectations," stated John Cato, Chairman, President, and CEO.

The company now expects its fourth-quarter earnings per share will be within the range of $0.25 to $0.29, versus original guidance of $0.13 to $0.17. The company said the increased earnings per share are primarily due to higher sales and lower taxes. The company's estimate for full year earnings per share is now in the range of $2.07 to $2.11 versus most recent guidance of $1.95 to $1.99. Reflected in both the fourth quarter and full year revised guidance is the positive effect of $0.02 and $0.09, respectively, for 2014 share repurchases.