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, 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 newstore development strategy to increase new store
openings and the 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 abilityto liquidate excess inventory at anticipated margins;
and other factors discussed under "Risk Factors" in Part I, Item 1Aof the Company'smost 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.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
* * *
THE CATO CORPORATION
CONDENSED CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
FOR THE PERIODS ENDED July 29, 2023 AND July 30, 2022
(Dollars in thousands, except per share data)
Quarter Ended
Six Months Ended
July 29,
%
July 30,
%
July 29,
%
July 30,
%
2023
Sales
2022
Sales
2023
Sales
2022
Sales
REVENUES
Retail sales
$
181,181
100.0%
$
195,006
100.0%
$
371,492
100.0%
$
399,939
100.0%
Other revenue (principally finance,
late fees and layaway charges)
1,690
0.9%
1,858
1.0%
3,429
0.9%
3,646
0.9%
Total revenues
182,871
100.9%
196,864
101.0%
374,921
100.9%
403,585
100.9%
GROSS MARGIN (Memo)
63,564
35.1%
63,257
32.4%
131,788
35.5%
135,947
34.0%
COSTS AND EXPENSES, NET
Cost of goods sold
117,617
64.9%
131,749
67.6%
239,704
64.5%
263,992
66.0%
Selling, general and administrative
61,618
34.0%
60,768
31.2%
123,552
33.3%
121,209
30.3%
Depreciation
2,510
1.4%
2,811
1.4%
4,867
1.3%
5,554
1.4%
Interest and other income
(1,334)
-0.7%
(1,884)
-1.0%
(2,231)
-0.6%
(2,287)
-0.6%
Costs and expenses, net
180,411
99.6%
193,444
99.2%
365,892
98.5%
388,468
97.1%
Income Before Income Taxes
2,460
1.4%
3,420
1.8%
9,029
2.4%
15,117
3.8%
Income Tax Expense
1,333
0.7%
5,694
2.9%
3,475
0.9%
7,643
1.9%
Net Income (Loss)
$
1,127
0.6%
$
(2,274)
-1.2%
$
5,554
1.5%
$
7,474
1.9%
Basic Earnings Per Share
$
0.06
$
(0.11)
$
0.27
$
0.35
Basic Weighted Average Shares
20,593,949
21,177,321
20,474,142
21,261,405
Diluted Earnings Per Share
$
0.06
$
(0.11)
$
0.27
$
0.35
THE CATO CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
July 29,
January 28,
2023
2023
(Unaudited)
(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents
$
55,977
$
20,005
Short-term investments
77,222
108,652
Restricted cash
3,877
3,787
Accounts receivable - net
26,915
26,497
Merchandise inventories
92,718
112,056
Other current assets
7,098
6,676
Total Current Assets
263,807
277,673
Property and Equipment - net
73,871
70,382
Noncurrent Deferred Income Taxes
9,888
9,213
Other Assets
21,770
21,596
Right-of-Use Assets, net
138,331
174,276
TOTAL
$
507,667
$
553,140
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
$
127,971
$
135,597
Current Lease Liability
32,431
67,360
Noncurrent Liabilities
16,342
16,183
Lease Liability
105,390
107,407
Stockholders' Equity
225,533
226,593
TOTAL
$
507,667
$
553,140

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The Cato Corporation published this content on 21 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 August 2023 19:00:37 UTC.