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Cato Has Unexpected Bump In 3rd Quarter Profit |
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Written by David Horn
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(CHARLOTTE) -- Cato Corporation reported a massive jump in third quarter profit. The women's apparel retailer recorded net income of $3 million. This compares to net income of $800,000 during the same quarter in 2008.
"We had an unexpectedly strong quarter," said John Cato, Chairman, President, and Chief Executive Officer. "However, we recognize that much uncertainty still exists for our customers in this economic environment. Due to this uncertainty, we continue to estimate that same-store sales for the fourth quarter will be in the range of down 3% to flat. Similarly, we are maintaining our original guidance for fourth quarter earnings per diluted share in the range of $0.08 to $0.13 versus $0.13 last year. For the year, earnings per diluted share are estimated to be in the range of $1.38 to $1.43 vs. $1.14 last year, an increase of 21% to 25%." The Charlotte-based company operates 1,291 stores in 31 states. |
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Last Updated ( Thursday, 19 November 2009 )
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