Cato 3Q Income Up 44%
Charlotte, N.C., Cato Corp. has reported net income of $5.9 million for its fiscal third quarter, up 44% from earnings of $4.1 million in the same period last year. Comp-store sales remained flat, while sales for the latest quarter, which ended Oct. 28, rose 6% to $187.7 million.
Survey: Wal-Mart Top Holiday Destination
Chicago, Wal-Mart Stores is expected to be the top-shopping destination, according to a survey conducted for Reuters. The first in a series of polls by America’s Research Group found that a surprisingly high 89% of respondents planned to shop at Wal-Mart this year, suggesting that the chain’s aggressive price cuts will succeed in attracting more customers.
Brit Beemer, head of America’s Research Group, said he was “a little flabbergasted” by the high number of people who said they planned to shop at Wal-Mart, adding that he had expected the figure to be closer to 70%. The survey found that some 72% respondents planned to shop for electronics at the chain.
“As they’ve added more name brands, it gives them credibility for electronics,” Beemer said.