US: Cato Q1 net income up despite margin dip
- Q1 net profit up 22% to US$30.5m
- Net sales up 5% to $270.9m
- Margins drop 70 basis points
Value apparel retailer The Cato Corporation recorded a 22% rise in first quarter net profit, driven by a 5% sales increase despite falling margins.
Comparable store sales were up 2% in the three months to 30 April, but gross margin fell 70 basis points to 41.5%, primarily thanks to lower merchandise contribution and higher freight expenses.
“First quarter sales, including a strong February, were above expectations,” said John Cato, company chairman, president and CEO.
“Higher sales and a reduction in incentive compensation drove our record quarter.”
The following is a general roundup of US apparel and shoe retailers' October 2011 sales results....
The following is a general roundup of US apparel and shoe chains' September 2011 sales results. ...
The following is a general roundup of US apparel and shoe chains' August 2011 sales results....
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