The Cato Corporation reported net income at 14 million dollars, or 62c per diluted stock share for its second quarter. This compares to a net loss at 7.2 million or 30c per diluted stock share for the quarter ending August 1, 2020.
“Our sales were favorably impacted during the first half of the year by increased vaccination availability coupled with pent-up demand, an increase in social events, summer vacation travel and anticipated return to work for many customers, but were tempered by late merchandise shipments driven by continued supply chain disruptions,” stated John Cato, chairman, president, and chief executive officer.
The second quarter’s sales were 206 million dollars, an increase of 24 per cent. Sales decreased by 2 percent compared to the same quarter in 2019. The quarter ended August 3rd, 2019, saw sales of 210.4million dollars. Sales of same-store items increased 23 percent in 2020 compared with 2019, and fell 5 percent compared with the same period in 2019.
For the six months, the company reported net income of 34.7 million dollars or 1.54 dollars per diluted share compared to a net loss of 35.6 million dollars or 1.48 dollars per diluted share for the six months ended August 1, 2020. Sales decreased by 5 percent in comparison to the same period of 2019, while same-store sales for the year increased 56 percent to 2020, and fell 7 percent compared with the same period in 2019.
As of July 31, 2021, the company had 1,325 stores in 32 states, compared to 1,333 stores in 31 states as of August 1, 2020.