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 Actof 1995.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.Such factors include, but
are not limited to, 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 conditionsand 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, 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 April 29, 2023 AND April 30, 2022
(Dollars in thousands, except per share data)
Quarter Ended
%
%
April 29, 2023
Sales
April 30, 2022
Sales
REVENUES
Retail sales
$
190,311
100.0%
$
204,933
100.0%
Other revenue (principally finance,
late fees and layaway charges)
1,739
0.9%
1,788
0.9%
Total revenues
192,050
100.9%
206,721
100.9%
GROSS MARGIN (Memo)
68,224
35.8%
72,690
35.5%
COSTS AND EXPENSES, NET
Cost of goods sold
122,087
64.2%
132,243
64.5%
Selling, general and administrative
61,934
32.5%
60,441
29.5%
Depreciation
2,357
1.2%
2,743
1.3%
Interest and other income
(897)
-0.5%
(403)
-0.2%
Costs and expenses, net
185,481
97.5%
195,024
95.2%
Income Before Income Taxes
6,569
3.5%
11,697
5.7%
Income Tax Expense
2,141
1.1%
1,949
1.0%
Net Income
$
4,428
2.3%
$
9,748
4.8%
Basic Earnings Per Share
$
0.22
$
0.46
Diluted Earnings Per Share
$
0.22
$
0.46
THE CATO CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
April 29, 2023
January 28, 2022
(Unau
dited)
(Unaud
ited)
ASSETS
Current Assets
$
38,103
$
20,005
Cash and cash equivalents
87,750
108,652
Short-term investments
3,826
3,787
Restricted cash
29,731
26,497
Accounts receivable - net
106,813
112,056
Merchandise inventories
7,298
6,676
Other current assets
273,521
277,673
Total Current Assets
Property and Equipment - net
74,187
70,382
Noncurrent Deferred Income Taxes
9,938
9,213
Other Assets
21,478
21,596
Right-of-Use Assets, net
155,512
174,276
TOTAL
$
534,636
$
553,140
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
$
135,934
$
135,597
Current Lease Liability
49,707
67,360
Noncurrent Liabilities
16,449
16,183
Lease Liability
105,765
107,407
Stockholders' Equity
226,781
226,593
TOTAL
$
534,636
$
553,140

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The Cato Corporation published this content on 22 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 May 2023 09:38:14 UTC.