Cato Q3 earnings leap 123%
Charlotte, N.C. — The Cato Corp. reported Thursday that profit for the quarter ended Oct. 30 surged 123% to $6.7 million, compared with net income of $3 million for the third quarter ended October 31, 2009.
Sales increased 4% to $198 million, compared with $191 million for the year-ago period.
Same-store sales for the quarter increased 2%.
The retailer operated 1,281 stores in 31 states, compared with 1,291 stores in 31 states as of October 31, 2009.
Stage Stores narrows loss in Q3
Houston — Stage Stores said Thursday it narrowed its fiscal third-quarter net loss to $6.9 million, from $7.3 million in the year-earlier quarter.
Sales rose 2.1% to $331.9 million, from $324.9 million. The retailer is projecting that fourth-quarter same-store sales will rise 1% to 3%.
Sears loss widens in Q3
Hoffman Estates, Ill. — Sears Holdings Corp. reported Thursday that its loss for the quarter ended Oct. 31 widened to $218 million, compared with a loss of $127 million in the year-ago period. The loss was more than analysts expected as margins fell and sales dropped, especially at the company’s namesake stores.
"While Kmart improved profitability, our third-quarter results were disappointing, in large part due to lower sales of apparel and appliances at Sears," said interim CEO W. Bruce Johnson.
Total revenues decreased $512 million to $9.7 billion for the quarter, compared with total revenues of $10.2 billion a year earlier. The company attributed the decline partially to a 4.8% decrease in domestic same-store sales.
The domestic same-store sales decrease included declines of 0.7% at Kmart and 8.2% at Sears Domestic.
Sears Holdings, parent company to Sears and Kmart, operates approximately 3,900 full-line and specialty retail stores in the United States and Canada.