The Cato Corporation, a US-based retailer of women's fashions and accessories, reported 21 per cent sales decline to $149.2 million in its third quarter (Q3) FY20 ended on October 31, 2020, compared to $189.4 million in same period last year. Company incurred a net loss of $3.6 million during the quarter compared to net income of $5.9 million in Q3 FY19.
The Cato Corporation, a US-based retailer of women's fashions and accessories, reported 21 per cent sales decline to $149.2 million in its third quarter (Q3) FY20 ended on October 31, 2020, compared to $189.4 million in same period last year. Company incurred a net loss of $3.6 million during the quarter compared to net income of $5.9 million in Q3 FY19.#
“Sales in the third quarter reflected continued softening of customer demand as Covid-19 cases continued to rise throughout our market areas and many people still have not returned to work. As we see this trend continuing, we anticipate that the remainder of the year will be challenging,” John Cato, chairman, president, and chief executive officer at Cato Corporation, said in a press release.
The Cato Corporation, a US-based retailer of women's fashions and accessories, reported 21 per cent sales decline to $149.2 million in its third quarter (Q3) FY20 ended on October 31, 2020, compared to $189.4 million in same period last year. Company incurred a net loss of $3.6 million during the quarter compared to net income of $5.9 million in Q3 FY19.#
Cost of goods sold during the quarter were $109.4 million ($118.6 million). For Q3 F20, net cost and expenses were down to $164.1 million ($185.4 million).
The Cato Corporation, a US-based retailer of women's fashions and accessories, reported 21 per cent sales decline to $149.2 million in its third quarter (Q3) FY20 ended on October 31, 2020, compared to $189.4 million in same period last year. Company incurred a net loss of $3.6 million during the quarter compared to net income of $5.9 million in Q3 FY19.#
“We appreciate our store associates' diligence in providing a safe shopping environment and our customers' patience as we continue our enhanced cleaning and product handling procedures to make our stores as safe as possible in light of the Covid-19 pandemic,” Cato said.
Fibre2Fashion News Desk (JL)
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