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Cato announced a loss of $ 3.6 million in the third quarter and expects it to be “challenging” at the end of the year.

American women’s clothing retailer Cato Corporation reported a net loss of $ 3.6 million, or $ 015 per diluted share, in the third quarter of Thursday and continues to face the ongoing Covid-19 pandemic. Emphasized the difficulties that are being made. Net income for the year-ago quarter was $ 6 million and diluted $ 0.24 per share.

Cato temporarily closed its store earlier this year due to a Covid-19 pandemic-Instagram: @catofashions

In the third quarter, which ended October 31, 2020, Charlotte, NC-based retailers reported total revenue of $ 149.2 million, down 21% from $ 189.4 million in the year-ago quarter. I did. Same-store sales fell 23%.

“Third-quarter sales reflect continued softening of customer demand as Covid-19 cases continue to grow across the market and many have not yet returned to work,” Cato said. Chairman, President and CEO John Cato said in the release. “We expect this trend to continue, so we expect the rest of the year to be challenging.”

Year-to-date Cato revenue totaled $ 414.3 million, down 34% from $ 627.8 million in the year-ago quarter, while comparable store revenue was down 35%. Nine-month net loss was $ 39.2 million, or $ 1.64 per diluted share, down from $ 39.1 million in the previous year and $ 1.59 per diluted share.

Cato, which temporarily closed its entire physical store network in March due to the coronavirus crisis, began reopening retail stores in early May. As of June 15, all retail stores have been reopened, although business hours are limited.

During the third quarter, Cato opened 16 new stores and completely closed two locations. The company currently operates 1,347 stores in 33 states in the United States.

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Cato announced a loss of $ 3.6 million in the third quarter and expects it to be “challenging” at the end of the year.

Source link Cato announced a loss of $ 3.6 million in the third quarter and expects it to be “challenging” at the end of the year.

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