Cato reports sales down by 4 percent in December

REPORT_ The Cato Corporation has reported sales for the five weeks ended January

4,2014 to 100.1 million dollars, a 3 percent increase over sales of 103.3 million dollars for the five weeks ended December 29, 2012. Same-store sales for the month decreased 4 percent.

Sales for the eleven months ended January 4, 2014 were 862.7 million dollars, a 1 percent decrease from sales of 870.0 million dollars for the eleven months ended December 29, 2012. The company's year-to-date same-store sales decreased 3 percent.

“December same-store sales results were negatively impacted by bad weather in a number of our markets early in the month,” stated John Cato, Chairman, President, and Chief Executive Officer, adding, “Excluding the impact of this weather event, the sales environment remained difficult but same-store sales were in line with our year-to-date trend. And, when comparing the fourth quarter and year to 2012, please note the prior year numbers include the positive impact of an additional week under the retail 52-53 week calendar. Also, we launched our e-commerce site in late November and have been pleased with our initial results and the performance of our in-house operated website," commented Mr. Cato. "We do not expect a significant net income contribution from e-commerce in 2013 or 2014.”

The company closed twelve stores during December. As of January 4, 2014, the Company operated 1,316 stores in 32 states, compared to 1,311 stores in 31 states as of December 29, 2012.