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Cato Q4 Income Up 44%

CHARLOTTE, NC-The bargain-priced women's clothing retailer reports fourth-quarter earnings of $11.6 million or 37 cents per diluted share.

By Dana Dubriwny | Updated on March 14, 2006

CHARLOTTE, NC-Value-priced women’s fashion apparel retailer Cato Corp. on Tuesday reported that during its fourth quarter ended Jan. 28, net income was $11.6 million or 37 cents per diluted share. This represents a 44% net income increase, and earnings-per-diluted-share increase of 42%, compared to the same period a year ago. Sales for the quarter increased 6%, ringing in at $220.5 million compared to $207.9 million, and same-store sales increased 2%.

The retailer, which operates under the banners “Cato” and “It’s Fashion,” posted a 29% year-over-year increase in 2005 net income, which came in at $44.8 million, or $1.41 per diluted share. Sales for the year were $821.6 million, a 6% increase from 2004′s sales of $773.8 million. Comparable-store sales were up 1%. Last year, the company opened 82 stores, relocated 16 stores, and closed 15 units.

John Cato, chairman, president and chief executive officer, says the increase in the retailer’s 2005 results can be attributed to better margins. He went on to say that the company’s growth plans this year include “executing our long-term strategies of improving the merchandise and customer service, strengthening the infrastructure, and expanding the store base.”

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