Cato July, Q2 Comps Down; Updates Q2 EPS Forecast

(RTTNews) - Women's fashion specialty retailer Cato Corp. (CATO) on Thursday reported that same-store sales for the month of July were down 5 percent. Second-quarter same-store sales decreased 2 percent.

Sales declined 3 percent to $61.6 million for the four weeks ended August 3 from last year's $63.4 million. Sales for the second quarter were $229.4 million, down 1 percent from sales of $231.5 million a year ago.

As of August 3, Cato operated 1,306 stores in 31 states, compared to 1,295 stores in 31 states as of July 28, 2012.

John Cato, Chairman, President, and Chief Executive Officer, said, "July same-store sales reflect the continuing economic uncertainty and the related volatility we have seen throughout much of the year."

The company said it now expects second-quarter earnings per share to be at the high end of original range of $0.42 to $0.48, compared to last year's $0.59 last year, a decrease of 19 percent to 29 percent.