Charlotte, N.C., Cato Corp. said Thursday its third-quarter profit slipped 51% on lower sales and increased markdowns. Earnings for the period ended Nov. 3 declined to $2.9 million compared with $5.9 million in the previous year.
Quarterly revenue dropped 3% to $184.8 million from $190.9 million. Meanwhile, retail sales fell to $181.9 million from $187.7 million.
Same-store sales slipped 5% during the quarter.