{"id":496255,"date":"2021-05-20T07:04:50","date_gmt":"2021-05-20T11:04:50","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cato-reports-1q-net-income\/"},"modified":"2021-05-20T07:04:50","modified_gmt":"2021-05-20T11:04:50","slug":"cato-reports-1q-net-income","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cato-reports-1q-net-income\/","title":{"rendered":"Cato Reports 1Q Net Income"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n CHARLOTTE, N.C.<\/span>, May 20, 2021<\/span> \/PRNewswire\/ —\u00a0The Cato Corporation (NYSE: CATO) today reported net income of $20.7 million<\/span> or $0.92<\/span> per diluted share for the first quarter ended May 1, 2021<\/span>, compared to a net loss of $28.4 million<\/span> or ($1.19)<\/span> per diluted share for the first quarter ended May 2<\/span>, 2020.\u00a0 <\/p>\n

Sales for fiscal 2020 were significantly impacted by the closure of our stores for six weeks due to the COVID-19 pandemic, beginning March 19, 2020<\/span>. Due to the impact of the unprecedented closures, the Company will report sales compared to each of the past two years.\u00a0 Sales for the first quarter were $211.2 million<\/span>, or an increase of 114% from sales of $98.8 million<\/span> for the first quarter ended May 2<\/span>, 2020.\u00a0 Compared to the same period in 2019, sales decreased 7% from sales of $228.3 million<\/span> for the quarter ended May 4, 2019<\/span>. The Company’s same-store sales for the quarter increased 111% compared to 2020 and decreased 8% when compared to the same period in 2019.<\/p>\n

“We remain cautiously optimistic about the remainder of the year as we see customer traffic improve, states continue to lift capacity limits as more people are vaccinated, the comfort level with venturing out to social events increases and people prepare to return to work,” stated John Cato<\/span>, Chairman, President, and Chief Executive Officer.\u00a0 “We do anticipate the beneficial effects of stimulus funds on the economy to taper off in the near future and retail to continue to be negatively impacted by global supply chain challenges.” <\/p>\n

Gross margin increased from 15.4% to 41.5% of sales in the quarter due to higher merchandise margins.\u00a0 SG&A expenses as a percent of sales decreased from 53.1% to 29.9% of sales during the quarter primarily due to leveraging of expenses as a result of normalized sales and a $5.3 million<\/span> non-cash impairment charge in the prior year, partially offset by higher incentive compensation. Tax impact for the quarter was a $3.1 million<\/span> expense versus a $9.1 million<\/span> benefit in the prior year due to the pre-tax loss.\u00a0 The Company ended the quarter with unrestricted cash and short-term investments of $183.2 million<\/span>, with no borrowings outstanding on its revolving line of credit compared to $117.8 million<\/span> for the same period in 2020, net of $30 million<\/span> drawn on its line of credit. <\/p>\n

During the first quarter ended May 1, 2021<\/span>, the Company permanently closed 5 stores.\u00a0As of May 1, 2021<\/span>, the Company has 1,325 stores in 32 states, compared to 1,300 stores in 31 states as of May 2, 2020<\/span>.<\/p>\n

“Our healthy cash position, no debt and actions taken to preserve capital contributed to Cato’s ability to weather a year like 2020,” Mr. Cato said.\u00a0 “And the hard work and dedication of our associates and the loyalty of our customers is allowing us to regain ground lost during 2020.\u00a0 Our priority, in addition to providing a safe shopping environment, is to provide fashion and outstanding customer service at a great value to our customers.”<\/p>\n

“As the effects of the pandemic remain ongoing, there still remains a high level of uncertainty as to their continued impact on the retail industry as a whole. The lingering effects of the prolonged supply chain disruption are also a concern,” shared Mr. Cato.\u00a0 “In light of these uncertainties, we remain cautiously optimistic about the remainder of the year.\u00a0 However, should our strong start continue through the first half, we expect to revisit store development opportunities and other projects suspended due to COVID.”<\/p>\n

The Cato Corporation is a leading specialty retailer of value-priced fashion apparel and accessories operating three concepts, “Cato,” “Versona” and “It’s Fashion.”\u00a0 The Company’s Cato stores offer exclusive merchandise with fashion and quality comparable to mall specialty stores at low prices every day.\u00a0 The Company also offers exclusive merchandise found in its Cato stores at www.catofashions.com<\/a>.\u00a0 Versona is a unique fashion destination offering apparel and accessories including jewelry, handbags and shoes at exceptional prices every day.\u00a0 Select Versona merchandise can also be found at www.shopversona.com<\/a>.\u00a0 It’s Fashion offers fashion with a focus on the latest trendy styles for the entire family at low prices every day.<\/p>\n

\n Statements in this press release that express a belief, expectation or intention, as well as those that are not a historical fact,<\/i>
\n \u00a0i<\/i>
\n ncluding, without limitation, statements regarding the Company’s expected or estimated operational financial results, activities or opportunities, and potential impacts and effects of the coronavirus are considered “forward-looking” within the meaning of The Private Securities Litigation Reform Act of 1995.\u00a0 Such forward-looking statements are based on current expectations that are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contemplated by the forward-looking statements.\u00a0 <\/i>
\n Such factors include, but are not limited to<\/i>
\n , any actual or perceived deterioration in the conditions that drive consumer confidence and spending, including, but not limited to, prevailing social, economic, political and public health conditions and uncertainties, levels of unemployment, fuel, energy and food costs, wage rates, tax rates, interest rates, home values, consumer net worth and the availability of credit; changes in laws or regulations affecting our business including but not limited to tariffs; uncertainties regarding the impact of any governmental action regarding, or responses to, to the foregoing conditions; competitive factors and pricing pressures; our ability to predict and respond to rapidly changing fashion trends and consumer demands; our ability to successfully implement our new store development strategy to increase new store openings and the\u00a0 ability of any such new stores to grow and perform as expected; adverse weather, public health threats (including the global coronavirus (COVID-19) outbreak) or similar conditions that may affect our sales or operations; inventory risks due to shifts in market demand, including the ability to liquidate excess inventory at anticipated margins; and other factors discussed under “Risk Factors” in Part I, Item 1A \u00a0of the Company’s most recently filed annual report on Form 10-K and in other reports the Company files with or furnishes to the SEC from time to time.\u00a0 The Company does not undertake to publicly update or revise the forward-looking statements even if experience or future changes make it clear that the projected results expressed or implied therein will not be realized. The Company is not responsible for any changes made to this press release by wire or Internet services.<\/i>\n <\/p>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n<\/tr>\n
\n

\n
\n THE CATO CORPORATION<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n FOR THE PERIODS ENDED MAY 1, 2021 AND MAY 2, 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n (Dollars in thousands, except per share data)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Quarter Ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n May 1,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n %<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n May 2,<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Sales<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2020<\/span>\n <\/p>\n<\/td>\n

\n

\n Sales<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n REVENUES<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0 Retail sales<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 211,234<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 100.0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 98,813<\/span>\n <\/p>\n<\/td>\n

\n

\n 100.0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Other revenue (principally finance,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0 late fees and layaway charges)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,851<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 0.9%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1,919<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.9%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0 Total revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 213,085<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 100.9%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 100,732<\/span>\n <\/p>\n<\/td>\n

\n

\n 101.9%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n GROSS MARGIN (Memo)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 87,559<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 41.5%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 15,216<\/span>\n <\/p>\n<\/td>\n

\n

\n 15.4%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n COSTS AND EXPENSES, NET<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0 Cost of goods sold<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 123,675<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 58.5%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 83,597<\/span>\n <\/p>\n<\/td>\n

\n

\n 84.6%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Selling, general and administrative<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 63,237<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 29.9%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 52,511<\/span>\n <\/p>\n<\/td>\n

\n

\n 53.1%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Depreciation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3,042<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1.4%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 4,006<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.1%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Interest and other income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (663)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -0.3%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (1,851)<\/span>\n <\/p>\n<\/td>\n

\n

\n -1.9%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0 Cost and expenses, net<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 189,291<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 89.6%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 138,263<\/span>\n <\/p>\n<\/td>\n

\n

\n 139.9%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Income (Loss) Before Income Taxes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 23,794<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 11.3%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (37,531)<\/span>\n <\/p>\n<\/td>\n

\n

\n -38.0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Income Tax (Benefit) Expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3,081<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1.5%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (9,114)<\/span>\n <\/p>\n<\/td>\n

\n

\n -9.2%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net Income (Loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 20,713<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 9.8%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (28,417)<\/span>\n <\/p>\n<\/td>\n

\n

\n -28.8%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Basic Earnings Per Share<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 0.92<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (1.19)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Diluted Earnings Per Share<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 0.92<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (1.19)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n THE CATO CORPORATION<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n CONDENSED CONSOLIDATED BALANCE SHEETS\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n (Dollars in thousands)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n May 1,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n January 30,<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (Unaudited)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n ASSETS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Current Assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0 Cash and cash equivalents<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 22,276<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 17,510<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Short-term investments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 160,897<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 126,416<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Restricted cash<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3,918<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 3,918<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Accounts receivable – net<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 55,140<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 52,743<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Merchandise inventories<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 84,849<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 84,123<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0 Other current assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 5,978<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 5,840<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Total Current Assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 333,058<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 290,550<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Property and Equipment – net<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 69,925<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 72,550<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Noncurrent Deferred Income Taxes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 5,726<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 5,685<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Other Assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 23,350<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 22,850<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Right-of-Use Assets, net<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 185,861<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 199,817<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0 TOTAL<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 617,920<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 591,452<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n LIABILITIES AND STOCKHOLDERS’ EQUITY<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Current Liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 144,172<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 118,513<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Current Lease Liability<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 58,385<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 63,421<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Noncurrent Liabilities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 20,327<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 19,705<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Lease Liability<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 133,153<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 143,315<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Stockholders’ Equity<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 261,883<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 246,498<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0 TOTAL<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 617,920<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 591,452<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n

\u00a0<\/p>\n

\n \"Cision\" View original content:http:\/\/www.prnewswire.com\/news-releases\/cato-reports-1q-net-income-301295650.html<\/a><\/p>\n

SOURCE The Cato Corporation<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire CHARLOTTE, N.C., May 20, 2021 \/PRNewswire\/ —\u00a0The Cato Corporation (NYSE: CATO) today reported net income of $20.7 million or $0.92 per diluted share for the first quarter ended May 1, 2021, compared to a net loss of $28.4 million or ($1.19) per diluted share for the first quarter ended May 2, 2020.\u00a0 Sales for fiscal 2020 were significantly impacted by the closure of our stores for six weeks due to the COVID-19 pandemic, beginning March 19, 2020. Due to the impact of the unprecedented closures, the Company will report sales compared to each of the past two years.\u00a0 Sales for the first quarter were $211.2 million, or an increase of 114% from sales of $98.8 million for the … <\/p>\n

Continue reading “Cato Reports 1Q Net Income”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-496255","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nCato Reports 1Q Net Income - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cato-reports-1q-net-income\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cato Reports 1Q Net Income - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire CHARLOTTE, N.C., May 20, 2021 \/PRNewswire\/ —\u00a0The Cato Corporation (NYSE: CATO) today reported net income of $20.7 million or $0.92 per diluted share for the first quarter ended May 1, 2021, compared to a net loss of $28.4 million or ($1.19) per diluted share for the first quarter ended May 2, 2020.\u00a0 Sales for fiscal 2020 were significantly impacted by the closure of our stores for six weeks due to the COVID-19 pandemic, beginning March 19, 2020. Due to the impact of the unprecedented closures, the Company will report sales compared to each of the past two years.\u00a0 Sales for the first quarter were $211.2 million, or an increase of 114% from sales of $98.8 million for the … Continue reading "Cato Reports 1Q Net Income"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/cato-reports-1q-net-income\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-20T11:04:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CL83547&sd=2021-05-20\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cato-reports-1q-net-income\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cato-reports-1q-net-income\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Cato Reports 1Q Net Income\",\"datePublished\":\"2021-05-20T11:04:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cato-reports-1q-net-income\\\/\"},\"wordCount\":1192,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cato-reports-1q-net-income\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/c212.net\\\/c\\\/img\\\/favicon.png?sn=CL83547&sd=2021-05-20\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cato-reports-1q-net-income\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cato-reports-1q-net-income\\\/\",\"name\":\"Cato Reports 1Q Net Income - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/cato-reports-1q-net-income\/","og_locale":"en_US","og_type":"article","og_title":"Cato Reports 1Q Net Income - Market Newsdesk","og_description":"PR Newswire CHARLOTTE, N.C., May 20, 2021 \/PRNewswire\/ —\u00a0The Cato Corporation (NYSE: CATO) today reported net income of $20.7 million or $0.92 per diluted share for the first quarter ended May 1, 2021, compared to a net loss of $28.4 million or ($1.19) per diluted share for the first quarter ended May 2, 2020.\u00a0 Sales for fiscal 2020 were significantly impacted by the closure of our stores for six weeks due to the COVID-19 pandemic, beginning March 19, 2020. Due to the impact of the unprecedented closures, the Company will report sales compared to each of the past two years.\u00a0 Sales for the first quarter were $211.2 million, or an increase of 114% from sales of $98.8 million for the … Continue reading \"Cato Reports 1Q Net Income\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/cato-reports-1q-net-income\/","og_site_name":"Market Newsdesk","article_published_time":"2021-05-20T11:04:50+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=CL83547&sd=2021-05-20","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cato-reports-1q-net-income\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cato-reports-1q-net-income\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Cato Reports 1Q Net Income","datePublished":"2021-05-20T11:04:50+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cato-reports-1q-net-income\/"},"wordCount":1192,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cato-reports-1q-net-income\/#primaryimage"},"thumbnailUrl":"https:\/\/c212.net\/c\/img\/favicon.png?sn=CL83547&sd=2021-05-20","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cato-reports-1q-net-income\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/cato-reports-1q-net-income\/","name":"Cato Reports 1Q Net Income - 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