Discount fashion chain Cato Corp on Friday announced ambitious plans to open up to 120 new stores every year for the next few years.

The North Carolina-based retailer, which yesterday said it will move its listing to the New York Stock Exchange from Nasdaq, unveiled the expansion plan in a news release in which it also forecast earnings growth of at least 10 per cent.

"We have added 340 new stores over the last five years and we will be adding 90 to 120 stores per year over the next several years," said chief executive John Cato.

"This growth will occur in our current geography and adjacent states as we move toward becoming a national chain. I'm looking forward to opening our 1,000th store sometime this fall."

He added he was "confident we can deliver annual earnings growth of 10 percent or more going forward".