USA: Fashion Retailer Cato Posts Jump In Profits
Specialty retailer of value-priced women's fashion apparel, The Cato Corporation, on Tuesday posted a 15 per cent jump in first quarter net income to $18.3 million compared to the same period last year. The operator of 949 stores said sales climbed nine per cent to $196.6m from $180.3m in 2001, while comparable store sales increased two per cent. The record results prompted Cato to raise its earnings guidance 11 per cent to full-year net income of $47.7m.
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