Published
Aug 31, 2017
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Cato reports seventeenth consecutive same-store sales decline

Published
Aug 31, 2017

The Cato Corporation reported on Thursday its sales results for the month of August. The month marks the company’s seventeenth consecutive same-store sales decline.


Cato Corporation


August sales fell 9% to $56.2 million from $62.0 million in the previous year, and same-store sales decreased 10%.
 
The August performance is a continuation of Cato’s ongoing issues that date back to February 2016. President and CEO John Cato said earlier this month with the release of Cato's second quarter results, "It is taking longer to work through these issues than expected and we expect full year earnings to be significantly below last year."  

He said on Thursday with the August sales results, “Negative sales trends persisted in August and continue to put severe pressure on merchandise margins and profitability. Correcting the missteps to our merchandise assortment is taking longer than expected and will continue throughout the back half of the year."
 
The Charlotte-based women’s fashion retailer currently operates 1,372 stores in 33 states.

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