US: Cato lowers forecast despite Q2 profit rise
- Q2 profit rose to $18.1m from $17.0m
- Sales edged up 1% to $234.1m
- Same-store sales decreased 1%
Value-priced fashion retailer The Cato Corporation has managed to lift its second quarter profit by 7%, but warned rising raw material costs will have a negative effect on second half performance.
"Same-store sales for the second quarter were within our estimated range and we were able to control expenses well," said chairman, president and CEO John Cato. "Our same-store sales trend reflects the difficult economic conditions and uncertainty affecting our customers, especially the lower income customer."
Higher markdowns also ate into the retailer's second quarter gross margin, which slipped to 38.0% from 39.0% last year.
The company now expects earnings per share for second half of the year to be at the low end of its original guidance range of $2.15 to $2.21, versus $2.00 last year.
The following is a general roundup of US apparel and shoe retailers' January 2012 sales results....
The following is a general roundup of US apparel and shoe retailers' December 2011 sales results....
The following is a general roundup of US apparel and shoe retailers' November 2011 sales results....
- Euro decline weighs on Turkish clothing industry
- Supply chain mapping using the Bitcoin blockchain
- Mexico makers see rise in exports and local demand
- VF Corp confirms interest in Africa sourcing
- Asian union development and the Western response
- UK retailers to answer over human trafficking
- LF Corp to streamline planning and sourcing
- New dye-sublimation printers for sportswear
- Clothing a top category for mass personalisation
- Exports of lower cotton content denim treble
- Ethiopia – the emerging textile and clothing industry
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, and Contact Details
- Management briefing: Factory safety and auditing: The key challenges
- Global market review of workwear - forecasts to 2019
- Sustainable Textiles for Apparel: Fact, Fiction and Future Prospects