The Cato Corporation, a retailer of women's fashions and accessories, has posted 18 per cent increase in its net income to $35.9 million in the fiscal 2019 that ended on February 2, 2020 compared to $30.5 million in prior year. However, company’s full year sales decreased marginally 1 per cent to $816.2 million (FY18: $821.1 million) compared to prior year.
The Cato Corporation, a retailer of women's fashions and accessories, has posted 18 per cent increase in its net income to $35.9 million in the fiscal 2019 that ended on February 2, 2020 compared to $30.5 million in prior year. However, company's full year sales decreased marginally 1 per cent to $816.2 million (FY18: $821.1 million) compared to prior year. #
Company in its fourth quarter (Q4) FY19 reported a net loss of $3.2 million. Total revenue in the quarter were $190.8 million (Q4 FY18: $192.4 million).
The Cato Corporation, a retailer of women's fashions and accessories, has posted 18 per cent increase in its net income to $35.9 million in the fiscal 2019 that ended on February 2, 2020 compared to $30.5 million in prior year. However, company's full year sales decreased marginally 1 per cent to $816.2 million (FY18: $821.1 million) compared to prior year. #
"We are encouraged by the growth experienced in 2019, building off a stabilised 2018," John Cato, chairman, president and chief executive officer of Cato Corporation, said in a press release. "We continued to focus on our product and merchandise assortments, while maintaining strong inventory control.”
The Cato Corporation, a retailer of women's fashions and accessories, has posted 18 per cent increase in its net income to $35.9 million in the fiscal 2019 that ended on February 2, 2020 compared to $30.5 million in prior year. However, company's full year sales decreased marginally 1 per cent to $816.2 million (FY18: $821.1 million) compared to prior year. #
Gross margin increased over the year to 37.6 per cent of sales from 36.4 per cent of sales in FY18, reportedly due to increased merchandise margins. Selling, general and administrative expenses increased to 32.3 per cent ($263.8 million) of sales compared to 31.9 per cent ($262.6 million) in the prior year.
The Cato Corporation, a retailer of women's fashions and accessories, has posted 18 per cent increase in its net income to $35.9 million in the fiscal 2019 that ended on February 2, 2020 compared to $30.5 million in prior year. However, company's full year sales decreased marginally 1 per cent to $816.2 million (FY18: $821.1 million) compared to prior year. #
The company reported that in FY19 it opened 5 stores and closed 35 stores. As of February 1, 2020, the company operated 1,281 stores in 31 states.
The Cato Corporation, a retailer of women's fashions and accessories, has posted 18 per cent increase in its net income to $35.9 million in the fiscal 2019 that ended on February 2, 2020 compared to $30.5 million in prior year. However, company's full year sales decreased marginally 1 per cent to $816.2 million (FY18: $821.1 million) compared to prior year. #
Company continues to assess the potential impact of the coronavirus, which remains uncertain at this time, as reported. Because of the uncertainties the company has not provided 2020 outlook or assumptions in their report.
Fibre2Fashion News Desk (JL)
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