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Cato Down

Retailer announces 2003 declines

Published

21 years ago

February 9, 2004

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The Cato Corp. (Charlotte, N.C.) has reported a 0.1 percent sales decrease for its 2003 fiscal year ending Jan. 31, 2004. Same-store sales were down 7 percent.

For the fourth quarter, sales were up 1 percent, though same-store sales were down 5 percent.

For the month, sales were down 2 percent and same-store sales decreased 8 percent.

“We ended the month with inventory in line with sales and below last year on an average store basis,” said chairman, president and ceo John Cato. “Our inventory is well-positioned for first quarter.”

During January, the 1102-store specialty apparel retailer opened 10 stores, relocated five stores and closed one. New stores opened in Boaz, Ala.; Pensacola and Stuart, Fla.; Galliano, La,; Biscoe, N.C.; Cleveland, Tenn.; and Arlington, Corpus Christi, Irving and North Richland Hills, Texas.

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