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Specialty retailer $CATO posted sales of $87.4MM for four weeks ended May 28, 2016, a 1% decrease vs sales of $88.5MM during the same period the prior year. Same-store sales for the month fell 2%. As of May 28, 2016, $CATO operated 1,372 stores in 33 states, compared to 1,353 stores in 32 states as of May 30, 2015.
$CATO expects 4Q17 earnings to be a loss of $0.30-0.45 vs. a loss of $0.48 last year. This includes the current estimated impact of an additional expense of between $0.20-0.30 for the required adjustments due to the implementation of the Tax Cuts and Jobs Act of 2017. $CATO expects full year 2017 diluted EPS to be $0.50-0.65 vs. $1.72 last year.
$CATO reported sales for the five weeks ended Dec. 30, 2017 of $94.7MM, down 9% from $104.4MM for the five week period ended Dec. 31, 2016. Same-store sales for the month fell 9%. Sales for the eleven months ended Dec. 30, 2017 were $787.9MM, down 13% from $901.8MM for the prior-year period. YTD same-store sales decreased 13%.
$CATO reported sales for the month of September 2017 of $69.8MM, down 8% from $76.2MM in the previous year period. Same-store sales for the month decreased 11% from the prior year. For the 35-week ended Sept. 30, 2017, sales declined 14% to $568.7MM and same-store sales decreased 14%.
$CATO reported sales of $56.2MM for August, 2017, a 9% decrease versus August, 2016. Same-store sales in August were down 10% to the prior year. Sales for the thirty weeks ended August 26, 2017 were $498.9MM, down 15% versus the prior-year period. The company's YTD same-store sales decreased 15%.
$CATO reported net sales of $74.7MM in the five weeks ended July 1, 2017, down 15% compared to the same period last year. Same-store sales for the five-week period decreased 16% YoY. In the 22 weeks ended July 1, 2017, sales decreased by 16%.
$CATO reported a drop in 1Q17 earnings due to negative sales trend and deleveraging of store expenses. Net income fell to $22.23MM or $0.85 per share from $35.87MM or $1.29 per share last year. Revenue dropped to $239.74MM from $287.97MM. Same-store sales decreased 17%.
$CATO reported sales for the month of April 2017 of $80.6MM, down 2% from $81.9MM last year. Same-store sales for the month were down 2%. For 1Q17, sales fell 17% to $237.7MM and same-store sales decreased 17%. The company said April sales were impacted by the shift of Easter from March last year to April this year.
$CATO reported sales for the five weeks ended April 1, 2017 of $93.2MM, down 22% from sales of $118.8MM for the five-week period ended April 2, 2016. Same-store sales for March fell 21%. As of April 1, 2017, the Cato operated 1,373 stores in 33 states, compared to 1,371 stores in 32 states as of April 2, 2016.
$CATO expect its negative sales trends to continue through the quarter and expects its 1Q17 earnings to be significantly below last year. For 2017, the company expects to open 13 new stores and anticipates closing up to 19 stores by year-end. CapEx is projected to be approx. $16MM.
Clothing retailer $CATO reported a net loss for 4Q16, hurt by growth in online sales of other retailers and sluggish apparel retail environment. Net loss was $12.80MM or $0.48 loss per share compared to a net income of $11.85MM or $0.42 per share a year ago. Revenue declined 11.96% to $220. Same-store sales declined 12% YoverY.
$CATO reported sales for the four weeks ended February 25, 2017 of $63.9MM, a 25% decrease over sales of $84.7MM for the four week period ended February 27, 2016. Same-store sales for the month decreased 25% from the prior year. As of February 25, 2017, the company operated 1,371 stores in 33 states.
$CATO reported sales of $45.5MM for the month of January 2017, down 14% from last year. Same-store sales for January 2017 decreased 15%. For 4Q16, sales tumbled 12% to $218.2MM and same-store sales decreased 12%. $CATO still sees 4Q16 loss per share to be within prior range of $0.54-0.50 versus EPS of $0.42 last year.
$CATO reported sales for the month of November 2016 of $68.2MM, down 10% from $76MM a year ago and same-store sales were down 10%. For ten months ended Nov. 26, 2016, sales declined 4% to $797.4MM and same-store sales decreased 5%. In November, the company opened two new stores and relocated one store.
CEO John Cato said soft sales in 1H16 continued and eroded further in 3Q and $CATO expects this trend to continue into 4Q16. The company had significant markdown inventory as it entered 4Q. $CATO plans are to liquidate excess inventory throughout the quarter. The liquidation of fall merchandise will put severe pressure on 4Q earnings, Cato added.