Following the disappointing holiday sales season, fashion
) again posted weak comparable-store sales results for the month
CATO CORP A (CATO): Free Stock Analysis
NORDSTROM INC (JWN): Free Stock Analysis
MACYS INC (M): Free Stock Analysis Report
ROSS STORES (ROST): Free Stock Analysis
To read this article on Zacks.com click here.
The company reported total sales of $63.8 million for Jan 2013
(five-weeks ended Feb 2, 2013), up 26% from $50.5 million for the
four-weeks ended Jan 28, 2012. However, on a 5-week comparable
basis, the company's sales for January declined 9%, while comps
plunged 12% year over year.
Weak comps for the month were driven by gradually declining sales
trend throughout January, which resulted from the effect of
delays in tax refunds and higher payroll taxes on consumers.
Like other retailers, Cato's sales results for Jan 2013, fourth
quarter and fiscal 2012 included an additional 53rd week compared
to the respective year-ago period results.
For the fourth quarter of fiscal 2012 (14-weeks period ended Feb
2, 2013), Cato's sales rose 5% to $232.0 million compared with
$221.5 million reported during the fourth quarter of fiscal
2011 (13 weeks ended Jan 28, 2012). On a 14-week comparison, the
company's total sales dropped 4% over the prior-year 14-weeks
period. Comps for the 14-weeks period slipped 7% from the
year-ago 14-week period.
For fiscal 2012 (53-weeks ended Feb 2, 2013), net sales inched up
1% to $933.8 million compared with the prior-year's 52-week
period. On a 53-week comparable basis for both periods, the
company's sales declined 1%, while comps dipped 4%.
Cato is scheduled to release its fourth quarter and fiscal 2012
results on Mar 1, 2013. The company is expected to report fourth
quarter earnings of 27 cents - 29 cents per share down from 35
cents per share reported last year. Further, the company projects
fiscal 2012 earnings to be in the range of $2.11 - $2.13 per
share down from $2.21 per share reported last year.
Concurrently, 3 other retailers -
Ross Stores Inc.
) - reported same-store sales for the month of January. Comps
growth at Ross Stores, Macy's and Nordstrom were 4%, 11.7% and
In January, Cato inaugurated 3 new stores in New Albany, Miss.;
Columbia, S.C. and Rosenberg, Texas; and shut down 4 existing
stores. Store closures in the month comprised 1 It's Fashion
store, which will be replaced by a new It's Fashion Metro outlet
in the same market.
During the fourth quarter, the company opened 9 stores, relocated
2 stores and shuttered 5 stores, bringing total store openings,
relocations and closures for the year to 34, 9 and 12,
respectively. Total stores in operation as of Feb 2, 2013, grew
to 1,310 in 31 states from 1,288 stores that operated as of Jan