Cato Q2 Profit Rises - Quick Facts

(RTTNews) - Retailer Cato Corp. (CATO) Thursday said second-quarter net income rose to $15.7 million or $0.56 per share from $14.8 million or $0.51 per share in the prior year.

Cato said earnings per share benefited $0.03 due to share repurchases.

Total revenues were $246.46 million, in comparison with $231.72 million last year.

Retail sales grew 6 percent to $243.8 million from $229.4 million last year. Second quarter same-store sales increased 3 percent.

John Cato, CEO, said, "Second quarter same-store sales were in line with our year-to-date trend. However, we continue to expect the second half earnings per diluted share will be within our original guidance range, updated for share repurchases, of $.21 to $.30."

By quarter, earnings per share are estimated to be in the range of $0.08 to $0.13 compared to $0.17 last year for the third quarter, and $0.13 to $0.17 versus $0.13 last year for the fourth quarter.

Comparable store sales for both the third and fourth quarters are estimated to be in the range of down 2 percent to flat.

Based on year-to-date results and this guidance for the second half, earnings per share are expected to be within the adjusted range of $1.82 to $1.91 compared to $1.86 last year.