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CHARLOTTE, N.C., June 7 /PRNewswire-FirstCall/ -- The Cato Corporation
(NYSE: CTR) today reported sales of $75.9 million for the four weeks ended
June 2, 2007, a 3% increase over sales of $73.8 million for the four weeks
ended May 27, 2006. Comparable store sales for the month increased 2%.
Sales for the seventeen weeks ended June 2, 2007 were $300.1 million, a
1% decrease from sales of $303.5 million for the seventeen weeks ended May
27, 2006. The Company's year-to-date comparable store sales decreased 3%.
"The increase in May sales was driven by markdowns," commented John
Cato, the Company's Chairman, President, and Chief Executive Officer. "As a
result of the markdown sales, inventory levels have improved."
During the month of May, the Company opened four new stores in Salem,
IL, Farmerville, LA, and Forest, MS (two stores). Also during May, the
Company relocated its store in Batesburg, SC. As of June 2, 2007, the
Company operated 1,290 stores in 31 states, compared to 1,251 stores in 31
states as of May 27, 2006.
The Cato Corporation is a leading specialty retailer of value-priced
women's fashion apparel operating two divisions, "Cato" and "It's
Fashion!". The Company offers exclusive merchandise with fashion and
quality comparable to mall specialty stores at low prices, every day.
Additional information on The Cato Corporation is available at
http://www.catocorp.com.
Statements in this press release not historical in nature are
considered "forward-looking" within the meaning of The Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are based on
current expectations that are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to differ
materially from those contemplated by the forward-looking statements. Such
factors include, but are not limited to, the following: general economic
conditions; competitive factors and pricing pressures; the Company's
ability to predict fashion trends; consumer apparel buying patterns;
adverse weather conditions and inventory risks due to shifts in market
demand. The Company does not undertake to publicly update or revise the
forward-looking statements even if experience or future changes make it
clear that the projected results expressed or implied therein will not be
realized. The Company is not responsible for any changes made to this press
release by wire or Internet services.
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