FINANCE

Buckle Q1 net income up 13%

BY Katherine Boccaccio

Kearney, Neb. — The Buckle Inc. reported Thursday that profit for the quarter ended April 28 increased 13% to $37.8 million, compared with $33.5 million in the year-ago period, as shoppers spent more in the teen retailer’s stores and online.

Sales climbed 10% to $263.8 million, matching Wall Street estimates, and same-store sales rose 7.4%.

Online revenues surged 15% in the period.

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FINANCE

Cato Q1 profit edges up 4%, raises outlook

BY Staff Writer

Charlotte, N.C. — Women’s apparel retailer Cato Corp. said Thursday that first-quarter profit rose 4% to $31.7 million, from $30.5 million last year, prompting the company to raise its full-year profit forecast.

Sales inched up 1% to $275.3 million, but same-store sales dipped 2% among its Cato, Cato Fashions, Cato Plus, It’s Fashion, It’s Fashion Metro and Versona Accessories banners.

“Although the level of sales by month varied due to unexpected circumstances including early warm weather and the delay of tax refunds, first quarter sales overall were within our expectations and reflect the continuing difficult economic environment for our customers,” said John Cato, president and CEO.

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FINANCE

Stein Mart profit dips in Q1

BY Katherine Boccaccio

Jacksonville, Fla. — Stein Mart said Thursday that net income for the quarter ended April 28 slid 26% to $11.8 million, compared with $15.9 million in the same period last year.

Revenue was basically flat at $303.4 million, missing Wall Street’s expected $303.9 million in revenue, and same-store sales dipped 0.4%.

The company said it expects to open four new stores, relocate four stores and close four stores during the second half of 2012.

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