US: Cato posts 4.4% decline in second-quarter net income
US clothing retailer Cato reported a 4.4% decline in second quarter net income as it faced a challenging consumer environment.
The company booked US$17.3m net income over the quarter ended 28 July against $18.1m in the prior year period.
Sales fell 1% to $234.1m, while same-store sales declined 4%. Gross margins improved slightly to 38.4% from 38%, which the group attributed to better merchandise margins, although this was somewhat offset by higher store occupancy.
"As we have noted all year, same-store sales have been volatile and have been affected by our customers' uncertainty regarding the country's economic and political situation," said chairman, president and CEO John Cato.
"We expect this difficult environment to continue in the second half. We expect earnings per diluted share for second half of the year will be within our original guidance range of $.50 to $.59."
2013 got off to a strong start for US clothing and footwear retailers in January, with many reporting their best performance since September 2011....
The following is a general roundup of US apparel and shoe retailers' January 2013 sales results....
The following is a general roundup of US apparel and shoe retailers' December 2012 sales results....
The following is a general roundup of US apparel and shoe retailers' November 2012 sales results....
- New American Apparel CEO sees solid platform
- George at Asda on responsible retail journey
- Outlook 2015: What's happening with sourcing?
- Outlook 2015: Challenges and opportunities
- Outlook 2015: What keeps you awake at night?
- EU exploring responsible garment supply chains
- Tommy Hilfiger digital showroom to reduce samples
- Fashion brands facing strong dollar “headwind”
- Adidas sells Rockport for $280m to focus on sports
- C&A to boost opportunities for women in India
- Myanmar's Garment Sector - Opportunities & Challenges in 2015
- Outdoor performance apparel: peaks, valleys, and green fields
- Li & Fung Limited (494) - Financial and Strategic SWOT Analysis Review
- E-Textiles: Electronic Textiles 2014-2024
- Management briefing: Outlook 2015: Apparel industry issues in the year ahead