CHARLOTTE, N.C., June 4 /PRNewswire-FirstCall/ -- The Cato Corporation (NYSE: CTR) today reported sales of $78.1 million for the four weeks ended May 30, 2009, a decrease of 3% from sales of $80.5 million for the four weeks ended May 31, 2008. Same-store sales for the month decreased 3%.
Sales for the seventeen weeks ended May 30, 2009 were $316.2 million, a 3% increase over sales of $306.3 million for the seventeen weeks ended May 31, 2008. The Company's year-to-date same-store sales decreased 1%.
'May same-store sales were primarily down due to the benefit of stimulus checks last year,' commented John Cato, the Company's Chairman, President, and Chief Executive Officer. 'We believe the benefit of the stimulus checks last year will continue to have an effect on same-store sales results in June.'
During the month of May, the Company opened a new store in Leesville, LA and closed one store. As of May 30, 2009, the Company operated 1,285 stores in 31 states, compared to 1,329 stores in 32 states as of May 31, 2008.
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's Cato division offers exclusive merchandise with fashion and quality comparable to mall specialty stores at low prices every day. The It's Fashion division offers fashion with a focus on the latest trendy styles and nationally recognized urban brands for the entire family at low prices every day. Additional information on The Cato Corporation is available at www.catocorp.com.
Statements in this press release not historical in nature including statements regarding factors impacting June sales 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.
SOURCE The Cato Corporation
