US: Cato cautious on FY amid Q3 sales fall
- Q3 profit rose 4% to $6.1m from $5.9m
- Sales were down 2% to $194.1m from $198.2m
- Same-store sales dropped 3%
Value fashion retailer The Cato Corporation expects full-year earnings to come in at the low end of forecasts after seeing third-quarter sales fall amid difficult economic conditions.
The company, which operates the Cato, Versona and It's Fashion stores, booked a 4% rise in quarterly profit thanks to efforts to maintain merchandise margin and control costs. But gross margin rate fell to 35.2% from 35.9% last year, which is said was due to higher occupancy costs related to store development.
"Our third quarter same-store sales decrease reflects the continuing difficult economic situation facing our customers," said chairman, president and CEO John Cato.
"However, due to our current same-store sales trend, we now expect fourth quarter earnings per diluted share will be at the lower end of our original guidance of $0.32 to $0.35 versus $0.37 last year.
"For the year, earnings per diluted share are estimated to be in the range of $2.18 to $2.21 vs. $2.00 last year, as restated, an increase of 9% to 11%."
The following is a general roundup of US apparel and shoe retailers' April 2012 sales results....
A winning combination of warmer weather, an earlier Easter, new spring fashions and an improving economy helped a number of US apparel retailers to higher same-store sales for March, according to data...
The following is a general roundup of US apparel and shoe retailers' March 2012 sales results....
The following is a general roundup of US apparel and shoe retailers' February 2012 sales results....
- Impact of the TPP on the US textile industry?
- Cambodia's future outsourcing prospects uncertain
- JC Penney emphasises new merchandising strategy
- Crystal Group nurtures its caring culture
- Hazardous chemical removal a key industry issue
- Vietnam proposes 15% rise to regional minimum wage
- Cambodia garment workers “dying on the job”
- Hong Kong's Li & Fung reports "solid" H1
- Avery Dennison forms JV with Ningbo Shenzhou
- Accord and Alliance discord over inspections
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details
- Textile Wholesaling in the UK - Industry Market Research Report
- Global market review of denim and jeanswear – forecasts to 2020
- Survey of the European Fabric Fairs: Spring/Summer 2015
- Prospects for the Textile and Clothing Industry in Turkey