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September 01, 2015 3:02 AM ET

Specialty Retail

Company Overview of The Cato Corporation

Company Overview

The Cato Corporation, together with its subsidiaries, operates as a specialty retailer of fashion apparel and accessories in the Southeastern United States. It operates through two segments, Retail and Credit. The company’s stores and e-commerce Website offer a range of apparel and accessories, including dressy, career, and casual sportswear; and dresses, coats, shoes, lingerie, costume jewelry, and handbags for women. It also offers men’s wear, as well as lines for kids and newborns. The company operates its stores primarily under the Cato, Cato Fashions, Cato Plus, It’s Fashion, It’s Fashion Metro, and Versona names. As of August 1, 2015, it operated 1,358 fashion specialty stores in 32 st...

8100 Denmark Road

Charlotte, NC 28273

United States

Founded in 1946

10,000 Employees

Phone:

704-554-8510

Key Executives for The Cato Corporation

Chairman, Chief Executive Officer and President
Age: 65
Total Annual Compensation: $1.1M
Chief Financial Officer and Executive Vice President
Age: 52
Total Annual Compensation: $401.3K
Executive Vice President of Merchandising Cato and Versona Concepts
Age: 61
Total Annual Compensation: $419.4K
Executive Vice President and Director of Stores
Age: 52
Total Annual Compensation: $351.0K
Chief Real Estate & Store Development Officer and Executive Vice President
Age: 59
Total Annual Compensation: $317.5K
Compensation as of Fiscal Year 2014.

The Cato Corporation Key Developments

The Cato Corporation Declares Quarterly Dividend, Payable on September 28, 2015

The Board of Directors of The Cato Corporation declared regular quarterly dividend of $0.30 per share. The dividend will be payable on September 28, 2015 to shareholders of record on September 14, 2015. The $0.30 dividend, or $1.20 on an annualized basis, represents an annualized yield of 3.5% at the closing market price on August 27, 2015.

The Cato Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter Ended August 1, 2015; Provides Earnings Guidance for the Third and Fourth Quarter of 2015 and Second Half of 2015; Expects to Open 40 Stores

The Cato Corporation announced unaudited consolidated earnings results for the second quarter ended August 1, 2015. For the quarter, the company reported net income of $15.6 million or $0.56 per basic and diluted share compared to $15.7 million or $0.56 per basic and diluted share for the second quarter ended August 2, 2014. Net income and earnings per diluted share were flat to the prior year. Second quarter same-store sales were flat to last year. Total revenues were $251,269,000 compared to $246,059,000 a year ago. Income before income taxes was $24,955,000 compared to $24,764,000 a year ago. For the six months ended August 1, 2015, the company earned net income of $46.7 million or $1.67 per basic and diluted share compared with net income of $45.7 million or $1.61 per basic and diluted share for the six months ended August 2, 2014. Net income increased 2% and earnings per diluted share increased 4%. Same-store sales for the first half were down 2% from the prior year. Total revenues were $535,168,000 compared to $530,791,000 a year ago. Income before income taxes was $72,944,000 compared to $72,937,000 a year ago. The company expects second half earnings per diluted share will be within the original guidance range of $0.46 to $0.55. The earnings per diluted share for the second half is unchanged from the original guidance of $0.46 to $0.55. By quarter, earnings per share are estimated to be in the range of $0.12 to $0.16 versus $0.20 last year for the third quarter and $0.35 to $0.39 versus $0.33 last year for the fourth quarter. Comparable store sales for both the third and fourth quarters are estimated to be in the range of down 2% to flat. Based on year-to-date results and this guidance for the second half, earnings per diluted share are expected to be within the range of $2.10 to $2.23 versus $2.15 last year, a decrease of 2% to an increase of 4%. The company now expects to open 40 stores.

The Cato Corporation Reports Sales Results for the Month, Second Quarter and First Half Ended August 1, 2015; Provides Earnings Guidance for the Second Quarter

The Cato Corporation reported sales results for the month, second quarter and first half ended August 1, 2015. For the month, the company reported sales of $66.9 million, up 2% to sales of $65.3 million for the four weeks ended August 2, 2014. Same-store sales for the month were down 1% to the prior year. Sales for the second quarter ended August 1, 2015 were $249.2 million, up 2% to sales of $243.8 million for the second quarter ended August 2, 2014. Second quarter same-store sales were flat to prior year. Sales for the first half were $530.8 million, up 1% to the prior year's first half sales of $526.2 million. Same-store sales for the first half were down 2% to the prior year. The company now expects second quarter earnings per diluted share to be near the high end of original range of $0.54 to $0.57 against $0.56 last year, a decrease of 4% to an increase of 2%.

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