Cato Corp. (CATO) June Comps Fall 8%

The Cato Corporation (NYSE: CATO) today reported sales of $88.0 million for the five weeks ended July 2, 2016, which were down 6% versus sales of $93.8 million for the five weeks ended July 4, 2015. Same-store sales for the five-week period were down 8% to last year.

Sales for the twenty-two weeks ended July 2, 2016 were $460.9 million, down 1% over sales of $463.9 million for the twenty-two weeks ended July 4, 2015. The Company's year-to-date same-store sales decreased 2%.

"June same-store sales were well below expectations," commented John Cato, Chairman, President, and Chief Executive Officer.

During the month of June, the Company opened one store and relocated one store. The Company opened a new store in Davenport, FL and relocated a store in Denham Springs, LA. As of July 2, 2016, the Company operated 1,373 stores in 33 states, compared to 1,355 stores in 32 states as of July 4, 2015.

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