The Cato Corporation reported net income of 11 million dollars or 54 cents per diluted share for the first quarter compared to 4.4 million dollars or 22 cents per diluted share for the same quarter last year.
Sales for the quarter were 175.3 million dollars, a decrease of 8 percent, while same-store sales decreased 6 percent.
“The pressure on our customers’ discretionary spending levels due to high interest rates and inflation continue to negatively impact our sales,” said John Cato, the company’s chairman, president and CEO in a media release.
During the quarter under review, the company did not open any stores and permanently closed seven stores.
Denial of responsibility! Pioneer Newz is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.
