Cato Fashions' October sales drop 10 percent

The Cato Corporation sales for the four weeks ended October 28, 2017 of 62.3 million dollars decreased 10 percent, while same-store sales for the month decreased 7 percent. Sales for the third quarter ended October 28, 2017 were 188.4 million dollars, down 9 percent. Same-store sales for the quarter were also down 9 percent.

"Consistent with our previous releases, severe pressure on merchandise margins and profitability persists as we continue to work through our merchandise missteps," stated John Cato, Chairman, President, and Chief Executive Officer in a press release, adding, "Our two year same store sales comparisons remain below expectations. Consequently we expect our full year earnings to be significantly below last year."

Sales for the thirty-nine weeks ended were 631 million dollars, a decrease of 13 percent, while the company's year-to-date same-store sales decreased 14 percent. During the month of October, the company opened one store in Missouri City, TX.

Picture:Cato Fashions website