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....
- Garment firms set sights on Vietnam amid TPP talks
- Garment manufacturers eye Myanmar outsourcing
- PSF 2014: Shifting focus from cost to consumer
- PSF 2014: No one size fits all in apparel sourcing
- Tesco takes second stab at US market with F&F
- Wage strike by Cambodia garment workers falls flat
- Gap to grow China sales to $1bn in three years
- H&M still committed to higher wages and Bangladesh
- Alliance inspections more than 50% complete
- Adidas China supplier in discussions over strike
- Ethiopia – the emerging textile and clothing industry
- Antimicrobial fibres, fabrics and apparel: innovative weapons against infection
- Trade and trade policy: clothing imports, consumer expenditure and trends in five emerging markets: Brazil, Colombia, India, Kazakhstan and Peru, 4th quarter 2013
- Jeans in Italy
- Sustainable Textiles for Apparel: Fact, Fiction and Future Prospects