Cato Corp. (CATO) Increases Buyback Authorization

The Cato Corporation (NYSE: CATO) announced that its Board of Directors has authorized an increase in the Company's share repurchase program of 2 million shares. Prior to this authorization, the Company had approximately 19,000 shares remaining in open authorizations. Purchases under the share repurchase program will be made from time to time on the open market or in privately negotiated transactions and will be subject to market conditions and applicable SEC rules. The board's last authorization was in 2016.

John Cato, the Company's Chairman, President and Chief Executive Officer, commented that, "We believe the increase in our stock repurchase program will be beneficial to Cato and continues our focus on enhancing the value of our long-term shareholders' investment. The Company's substantial cash reserves enable the Company to opportunistically repurchase these shares and maintain the financial flexibility to pay regular dividends and pursue our growth and infrastructure plans."

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