US: Cato Q4 profit drops on “difficult” trading
- Q4 net profit down 7.3% to US$10.1m
- Sales down 1% to $221.5m
- CEO highlights “difficult” H2
Value-led clothing retailer The Cato Corporation recorded a 7% drop in fourth quarter profit, impacted by a slight revenue decline and a 4% fall in comparable store sales.
For the full year, sales were up 1% to $920.6m and comparable store sales declined by 1%, yielding net income of $64.8m, up 10%.
“The second half of the year was very difficult both in terms of the sales environment and the increased merchandise costs we faced,” said John Cato, chairman, president and CEO.
“In the fourth quarter, sales were below expectations but we were able to generate earnings within our original guidance.”
The company is forecasting same store sales flat to down 2% for fiscal 2012, alongside net income of $61.3-65.9m.
The following is a general roundup of US apparel and shoe retailers' August 2012 sales results. ...
Lured by warm weather and promotions to clear summer merchandise, US shoppers hit the stores in July giving an overall boost to many apparel retailers - but the results shed little light on back-to-sc...
The following is a general roundup of US apparel and shoe retailers' July 2012 sales results....
A number of US retailers have reported worse than expected June sales after experiencing rocky demand across the month....
- Nike reaffirms US production commitment
- Levi Strauss raises the bar on sustainability
- Gap and H&M back Myanmar path to labour reform
- H&M faces margin pressure on dollar impact
- Can the Gap brand reclaim its iconic status?
- Myanmar minimum wage set at US$3.2 per day
- Far Eastern to invest $323m in Vietnam textile hub
- Fast Retailing supplier continues strike talks
- China cotton stockpile auction may shake up market
- Over 8,000 children in Delhi garment industry
- Global market review of lingerie - forecasts to 2020
- World Textile and Apparel Trade and Production Trends: The EU - May 2015
- Wool in the 21st Century: new prospects for a familiar fibre
- Apparel Retail: Top 5 Emerging Markets Industry Guide
- Myanmar's Garment Sector - Opportunities & Challenges in 2015