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....
- Yarn-forward rules weigh on Vietnam TPP potential
- Is China really going through a slump?
- Footwear to see "significant" gains from TPP
- TPP likely to lead to rise in US apparel imports
- Can supplier ratings reform purchasing practices?
- Gap to close 75 stores amid "disastrous" Q1
- H&M criticised for India, Cambodia labour abuses
- US Q1 in brief: Buckle, Destination XL
- Victoria's Secret discontinue swimwear to simplify
- M&S to see "departure" of sourcing chiefs?