The Cato Corporation Reports Sales Results for the Month and First Quarter Ended April 30, 2016; Provides Earnings Guidance for the First Quarter Ended April 30, 2016
Sales for the first quarter ended April 30, 2016 were $285.5 million, a 1% increase from sales of $281.6 million for the first quarter ended May 2, 2015. Same-store sales for the first quarter were flat.
The company now expects first quarter earnings per diluted share will be in the range of $1.23 to $1.27 versus $1.11 last year. The increase in earnings per diluted share is primarily due to favorable adjustments to the effective tax rate as a result of tax initiatives.