Cato Fashions swings to profit in fiscal 2021

The Cato Corporation reported a net loss of 6.5 million dollars or 30 cents per diluted share for the fourth quarter ended January 29, 2022 compared to a net loss of 8.3 million dollars or 37 cents per diluted share for the fourth quarter ended January 30, 2021.

Full-year fiscal 2021 net income was 36.8 million dollars or 1.65 dollars per diluted share compared to a net loss of 47.5 million dollars or loss of 2.01 dollars per diluted share for 2020.

"We are encouraged by the recovery of our business during 2021, despite ongoing challenges due to the lingering effects of the pandemic," said John Cato, the company’s chairman, president and chief executive officer, adding, “The strong performance of 2021 afforded us the opportunity to continue investing in future growth initiatives during the fall, which had been placed on hold during the pandemic."

Sales for the quarter were 173.6 million dollars or an increase of 13 percent from the fourth quarter ended January 30, 2021. Compared to the same period in 2019, sales decreased 8 percent. The company's same-store sales for the quarter increased 14 percent compared to 2020 and decreased 10 percent when compared to the same period in 2019.

For the year, the company's sales increased 34 percent to 761.4 million dollars from 2020, while compared to 2019, sales decreased 7 percent. Same-store sales for the year increased 34 percent compared to 2020 and decreased 9 percent compared to 2019.