Charlotte-based women's apparel retailer Cato is still struggling with falling sales at stores open a year or more, as the company reported they fell 5 percent last month.
Sales at stores open for a year or more are considered a key indicator of a retailer's health, because they exclude the impact of store openings or closing and give a more accurate comparison of performance. Same-store sales were down 5 percent in February compared to February 2011, Cato said Thursday.
February was the eighth straight month of declining same-store sales for Cato.
Overall sales were down 3 percent in February, at $83.9 million.
"February sales were slightly weaker than our recent trend reflecting the continuing difficult economic environment and, to a lesser extent, the impact of tax refund delays," said CEO John Cato, in a statement.
Cato operates nearly 1,300 stores in 31 states, including its namesake Cato stores, Versona accessory stores and It's Fashion stores. The chain had revenue of $197 million in the third quarter, its most recently reported, and profits of $6.1 million.
Friday, March 2, 2012
Sales slide continues at Cato
Tuesday, January 17, 2012
New Cato store opening in Charlotte
A new Cato store is set to open Wednesday, Jan. 25, in the University City area.
The discount women's apparel store is in the University Pointe Shopping Center, at 5700 University Pointe Boulevard. The store will carry sizes 6 to 26 and girls' sizes 7 to 16, with new styles delivered weekly, Cato says.
Charlotte-based Cato Corp. chain operates more than 1,200 stores, under its main Cato brand, It's Fashion, and Versona, a new line of accessory stores recently launched at the Arboretum shopping center in south Charlotte. The company has four Cato stores in Charlotte, and 102 throughout North Carolina.
Cato has been struggling to find its footing lately, suffering from a bit of a recession hangover. In November, the company reported sales through Oct. 29, 2011 were up slightly, from $689 million in 2010 last year to $699 in 2011. But sales at stores open a year or more fell 1 percent, a trend that picked up speed in the third quarter, as they fell 3 percent.
Posts
