August 27, 2014 4:36 PM ET

Specialty Retail

Company Overview of The Cato Corporation

Company Overview

The Cato Corporation operates as a specialty retailer of fashion apparel and accessories in the Southeastern United States. It operates in two segments, Retail and Credit. The company’s stores offer a range of apparel and accessories for women, including dresses, coats, shoes, lingerie, costume jewelry, and handbags, as well as dressy, career, and casual sportswear. Its stores also offer men’s wear, and lines for kids and newborns. The company operates its stores primarily under the Cato, Cato Fashions, Cato Plus, It’s Fashion, It’s Fashion Metro, and Versona Accessories names. As of July 10, 2014, the company operated 1,328 stores in 32 states. It also provides credit cards to its customers...

8100 Denmark Road

Charlotte, NC 28273

United States

Founded in 1946

10,000 Employees

Phone:

704-554-8510

Key Executives for The Cato Corporation

Chairman
Age: 64
Total Annual Compensation: $1.1M
Chief Financial Officer and Executive Vice President
Age: 51
Total Annual Compensation: $386.3K
Executive Vice President of Merchandising Cato & Versona Concepts
Age: 60
Total Annual Compensation: $407.5K
Executive Vice President and Director of Stores
Age: 51
Total Annual Compensation: $339.0K
Chief Real Estate & Store Development Officer and Executive Vice President
Age: 58
Total Annual Compensation: $307.5K
Compensation as of Fiscal Year 2013.

The Cato Corporation Key Developments

The Cato Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended August 2, 2014; Provides Earnings Guidance for the Third Quarter, Fourth Quarter and Second Half of 2014

The Cato Corporation announced unaudited consolidated earnings results for the second quarter and six months ended August 2, 2014. For the quarter, the company reported total revenues were $246.46 million against $231.72 million a year ago. Income before income taxes was $24.76 million against $23.1 million a year ago. Net income was $15.65 million or $0.56 basic and diluted earnings per share against $14.8 million or $0.51 basic and diluted earnings per share a year ago. Second quarter same-store sales were in line with year-to-date trend. Second quarter same-store sales increased 3%. For the six months, the company reported total revenues were $531.19 million against $501.42 million a year ago. Income before income taxes was $72.94 million against $71.93 million a year ago. Net income was $45.66 million or $1.61 basic and diluted earnings per share against $45.61 million or $1.56 basic and diluted earnings per share a year ago. Same-store sales for the first half were up 3% from the prior year. The guidance of earnings per diluted share for the second half is unchanged, but it is updated for share repurchases, at $0.21 to $0.30. By quarter, earnings per share are estimated to be in the range of $0.08 to $0.13 versus $0.17 last year for the third quarter and $0.13 to $0.17 versus $0.13 last year for the fourth quarter. Comparable store sales for both the third and fourth quarters are estimated to be in the range of down 2% to flat. Based on year-to-date results and this guidance for the second half, earnings per diluted share are expected to be within the adjusted range of $1.82 to $1.91 versus $1.86 last year, a decrease of 2% to an increase of 3%.

The Cato Corporation Expects to Open 46 Stores

The Cato Corporation announced that it expects to open 46 stores, down from the original plan of 65.

The Cato Corporation Reports Sales Results for the Four Weeks and Second Quarter Ended August 2, 2014; Provides Earnings Guidance for the Second Quarter Ended August 2, 2014

The Cato Corporation reported sales results for the four weeks and second quarter ended August 2, 2014. For the four weeks, the company announced its sales rose 6% to $65.3 million and same-store sales for the month were up 4% from a year earlier. For the second quarter, sales were totaled $243.8 million, up 6% from sales of $229.4 million a year earlier. Same-store sales increased 3%. The company anticipates its second-quarter earnings will be in the range of 50 cents to 53 cents per share, compared with 51 cents per share a year ago.

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Recent Private Companies Transactions

Type
Date
Target
Buyback
May 21, 2014
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