Charlotte, N.C. – Specialty women’s apparel and accessories retailer Cato Corp. reported declining sales and net income during first quarter 2013. Sales dropped 2% from $272.8 million to $267.2 million, while net income fell 3% from $31.7 million to $30.8 million. Same-store sales also declined compared to the same quarter a year earlier, by 5%.
“Continuing difficult economic conditions, higher payroll taxes, delayed income tax refunds and cooler than normal temperatures in March and April negatively impacted first quarter sales," said John Cato, chairman, president, and CEO of Cato Corp.
During the first quarter, the company opened three stores, relocated one store and closed six stores. As of May 4, 2013, the company operated 1,307 stores in 31 states, compared to 1,293 stores in 31 states as of April 28, 2012.