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News and Information Article
Reaffirms 3Q EPS Estimate
CHARLOTTE, N.C., Oct. 5 /-FirstCall/ -- The Cato Corporation
(NYSE: CTR) today reported sales for the five weeks ended September 30,
2006 of $67.7 million, an increase of 8% over sales of $62.5 million for
the five week period ended October 1, 2005. Comparable store sales
increased 3% for the month.
Sales for the thirty-five weeks ended September 30, 2006 were $572.4
million, an increase of 6% over sales of $540.8 million for the thirty-
five weeks ended October 1, 2005. The Companys year-to-date comparable
store sales increased 1%.
"September sales were in line with expectations and we continued to
experience good sell-throughs of regular priced merchandise," stated John
Cato, Chairman, President, and Chief Executive Officer. "For the third
quarter, we remain comfortable with our previous guidance of earnings per
diluted share in the range of $.15 to $.17 versus $.13 last year, an
increase of 15% to 31%."
During the month of September, the Company opened nine new stores,
relocated two stores, and closed two stores. The new stores opened in
Montgomery, AL, Douglas, AZ, Baker, LA, DeSoto, MO, Chattanooga, TN, and
Bellmead, Lindale, Schertz, and Seagoville, TX. The relocated stores are in
Chickasha, OK and Liberty, TX. As of September 30, 2006, the Company
operated 1,269 stores in 31 states, compared to 1,209 stores in 31 states
as of October 1, 2005.
The Cato Corporation is a leading specialty retailer of value-priced
womens fashion apparel operating two divisions, "Cato" and "Its
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 including,
without limitation, statements regarding the Companys expected financial
results for the third quarter 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 Companys 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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