Charlotte, NC-based retailer of apparel and accessories for
) reported a 3% decline in comparable-store-sales (comps) for the
5-week period ended Oct 5, 2013. The company stated that comps
for the month were within its projected range. Net sales for
September rose 3% to $72.9 million from $71.1 million reported in
the year-ago period.
BUCKLE INC (BKE): Free Stock Analysis Report
CATO CORP A (CATO): Get Free Report
STEIN MART INC (SMRT): Free Stock Analysis
ZUMIEZ INC (ZUMZ): Free Stock Analysis Report
To read this article on Zacks.com click here.
Of late, Cato's comps have been plummeting, as its collections
are failing to attract customers. Moreover, the company believes
that the prevailing economic uncertainty and related volatility
has negatively impacted its September comps. The company's
trailing 9 months' performance shows that comps had fallen every
month, excepting for April and June, when it rose by 1% each.
On a year-to-date basis, Cato's sales inched down 1% to $628.6
million compared with $637.5 million during the same time period
in the prior year. Comps for the period slid 3% from the
comparable year-ago period.
Apart from Cato, other store chain retailers that posted
comparable-store sales data for the month of September include
The Buckle Inc.
Stein Mart Inc.
). While Stein Mart delivered comps growth of 5.0%, Buckle
registered comps decline of 4.5% and comps for Zumiez were down
Despite weak monthly sales result, Cato expects its third-quarter
fiscal 2013 earnings to be at the higher end of the previous
provided guidance range of 2-9 cents per share versus earnings of
16 cents in the year-ago quarter. Currently, the Zacks Consensus
Estimate stands at 6 cents per share.
In September, the company inaugurated 3 new outlets, 1 each in
Southaven, Mississippi; Freemont, Nebraska; and San Angelo,
Texas. As of Oct 5, 2013, Cato had 1,312 stores in 31 states. The
company is expecting to release third-quarter fiscal 2013 results
on Nov 21, 2013.