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The Cato Corporation (NYSE: CATO) is a prominent specialty retailer based in Charlotte, NC. Operating under three primary concepts—Cato, Versona, and It's Fashion—the company caters to diverse customer bases with distinct fashion needs and preferences.
The Cato brand is known for offering a wide range of on-trend apparel and accessories suitable for various occasions, from work to casual outings. The stores provide a selection of missy and plus-size clothing at value prices, ensuring high-quality fabrics, excellent fit, and fresh styles weekly. Customers can shop both in-store and online at www.catofashions.com.
Versona is a unique fashion destination offering an extensive collection of apparel, accessories, jewelry, handbags, and shoes. This brand targets fashion-conscious customers seeking exceptional values. Select items from Versona can also be purchased online at www.shopversona.com.
It's Fashion aims to attract a younger demographic with trendy junior and junior plus-size fashions available at everyday low prices. Expanding on this concept, It's Fashion Metro stores offer stylish clothing for the entire family, maintaining a focus on affordability and value.
The Cato Corporation operates primarily in the southeastern United States and focuses on providing superior customer service and outstanding value. The company is structured into two main segments: Retail and Credit. The Retail segment, which generates the majority of revenue, includes the fashion specialty stores, while the Credit segment provides credit card services to the customers.
Financially, Cato Corp has maintained a steady performance. Recent board announcements have declared regular quarterly dividends, reflecting the company's commitment to returning value to shareholders. For instance, the dividend declared on May 24, 2024, represents an annualized yield of 11.7% based on the closing market price on May 23, 2024.
The company's forward-looking statements often address expectations regarding operational and financial results, considering factors like economic conditions, consumer confidence, and market trends. Such statements are subject to various risks and uncertainties, including changes in laws, competitive pressures, and unpredictable fashion trends.
The Cato (NYSE: CATO) announced the suspension of its regular quarterly dividend. The Board of Directors made this decision based on current economic conditions and sales trends. The company acknowledges that various factors, including interest rates, inflation, and their effects on customer discretionary spending and operational costs, influenced this decision.
Cato (NYSE: CATO) reported a challenging third quarter with a net loss of $15.1 million ($0.79 per share), compared to a $6.1 million loss in Q3 2023. Sales decreased 8% to $144.6 million, with same-store sales down 3%. The company faced multiple challenges including hurricane disruptions, supply chain issues, and higher distribution costs due to a carrier bankruptcy. Gross margin declined to 28.8% from 32.5%, while SG&A expenses increased to 40% of sales. Year-to-date, the company reported a net loss of $4.0 million on sales of $486.8 million, an 8% decrease from 2023. The company operated 1,167 stores across 31 states, down from 1,245 stores last year.
The Cato (NYSE: CATO) has announced a regular quarterly dividend of $0.17 per share, payable on September 30, 2024 to shareholders of record on September 16, 2024. This dividend represents an annualized yield of 14.0% based on the closing market price on August 29, 2024.
Cato is a leading specialty retailer of value-priced fashion apparel and accessories, operating three concepts: 'Cato,' 'Versona,' and 'It's Fashion.' The company offers exclusive merchandise comparable to mall specialty stores at low prices, with online availability for Cato and Versona products.
The Cato (NYSE: CATO) reported Q2 2024 results with net income of $0.1 million or $0.01 per diluted share, down from $1.1 million or $0.06 per share in Q2 2023. Sales decreased 8% to $166.9 million, primarily due to closed stores and a 2% same-store sales decline. For the first half of 2024, net income was $11.1 million or $0.54 per share, up from $5.6 million or $0.27 per share in 2023. Gross margin decreased to 34.6% from 35.1%, while SG&A expenses increased to 34.9% of sales from 34.0%. The company closed five stores during Q2, operating 1,166 stores across 31 states as of August 3, 2024.
The Cato (NYSE: CATO) has announced a regular quarterly dividend of $0.17 per share, payable on June 24, 2024, to shareholders of record as of June 10, 2024. This quarterly dividend, amounting to $0.68 annually, offers an annualized yield of 11.7%, based on the closing market price on May 23, 2024.
Cato operates three retail concepts: 'Cato,' 'Versona,' and 'It's Fashion,' specializing in value-priced fashion apparel and accessories. Their merchandise is available both in stores and online. The company notes that the press release contains forward-looking statements that are subject to various risks and uncertainties.
Cato (NYSE: CATO) reported a net income of $11.0 million ($0.54 per diluted share) for Q1 2024, up from $4.4 million ($0.22 per share) in Q1 2023.
Sales dropped by 8% to $175.3 million, and same-store sales fell by 6%, attributed to high interest rates and inflation affecting customer spending.
Gross margin remained steady at 35.8%, while Selling, General & Administrative (SG&A) expenses decreased to $56.8 million from $61.9 million.
Interest and other income surged to $5.8 million, driven by a $3.2 million gain on land sale. Tax expenses decreased to $0.6 million.
The company repurchased 431,415 shares, closed seven stores, and ended with 1,171 stores in 31 states.
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