- Cato (NYSE:CATO) reports same-store sales fell 12% in Q4. Total sales were down by the same rate to $218.2M.
- The company says online sales at other retailers cut into store traffic and mistakes with merchandise assortment led to liquidaiton sales.
- Gross margin plummeted during the quarter to 28.8% of sales, from 36.1% a year ago.
- "We expect our negative sales trends to continue through the quarter and expect our first quarter earnings to be significantly below last year," notes John Cato.
Negative sales trends continue for Cato
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The Cato Corporation |