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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 Corporation reported a net loss of $3.0 million or ($0.14) per diluted share for the fourth quarter ended January 28, 2023, an improvement from a net loss of $6.5 million or ($0.30) per diluted share in the same quarter of 2022. Full-year fiscal 2022 net income dropped to $0.0 million compared to $36.8 million in 2021. Sales grew by 2% in Q4 to $177.5 million despite a 1% decline in annual sales to $752.4 million. The gross margin decreased from 36.9% to 31.3% year-over-year due to markdowns and rising costs. The company plans to open up to 30 new stores while closing up to 50 in 2023, anticipating minimal financial impact.
The Cato Corporation (NYSE: CATO) declared a quarterly dividend of $0.17 per share, payable on April 3, 2023, to shareholders of record on March 21, 2023. This equates to an annualized dividend of $0.68, offering a yield of 7.4% based on the closing price on February 23, 2023. Additionally, the Board authorized an increase of 1,000,000 shares for its share repurchase program, previously capped at 135,000 shares. CEO John Cato emphasized that this decision aims to enhance long-term shareholder value while maintaining financial flexibility for dividends and growth initiatives.
The Cato Corporation (NYSE: CATO) has declared a regular quarterly dividend of $0.17 per share, payable on January 3, 2023, to shareholders on record by December 23, 2022. This dividend yields an annualized rate of 6.7% based on the closing price of $0.68 on November 17, 2022. As a prominent specialty retailer, Cato operates under three concepts—Cato, Versona, and It's Fashion—offering value-priced apparel and accessories that deliver fashion quality comparable to mall stores.
The Cato Corporation (NYSE: CATO) reported a net loss of $4.5 million or ($0.21) per diluted share for Q3 2022, contrasting sharply with a net income of $8.6 million or $0.39 per diluted share in Q3 2021. Sales rose 3% to $174.9 million, while same-store sales also increased by 3%. For the nine months ending October 29, 2022, net income was $3 million or $0.14 per share, down from $43.3 million or $1.93 per share year-over-year. Despite challenges from inflation affecting discretionary spending, the company opened 7 new stores during the quarter, totaling 1,317 stores across 32 states.
The Cato Corporation (NYSE: CATO) has declared a $0.17 quarterly dividend, payable on September 26, 2022 to shareholders of record on September 12, 2022. This dividend translates to an annualized payment of $0.68, reflecting a yield of 5.8% based on the market closing price on August 25, 2022. Cato operates three retail concepts: Cato, Versona, and It's Fashion, focusing on value-priced fashion apparel and accessories. The company's strategy emphasizes exclusive merchandise at competitive prices.
The Cato Corporation (NYSE: CATO) reported a net loss of $2.3 million or ($0.11) per diluted share for Q2 2022, a significant decline from a net income of $14.0 million or $0.62 per diluted share in Q2 2021. Sales dropped by 5% to $195.0 million compared to $206.0 million a year earlier. Year-to-date, net income fell to $7.4 million or $0.35 per diluted share from $34.7 million or $1.54 per diluted share in the same period last year. Inflation and supply chain issues pressured sales and margins, indicating challenges ahead for the remainder of the year.
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