The Cato Corporation, a US-based retailer of women's fashion and accessories, has reported 24 per cent sales expansion to $206.0 million in second quarter (Q2) of FY21 ended on July 31, 2021, compared to the sales of $166.3 million in the corresponding quarter of last year. Net income for Q2 FY21 were up to $14.0 million (Q2 FY20: loss $7.2 million).
The Cato Corporation, a US-based retailer of women's fashion and accessories, has reported 24 per cent sales expansion to $206.0 million in second quarter (Q2) of FY21 ended on July 31, 2021, compared to the sales of $166.3 million in the corresponding quarter of last year. Net income for Q2 FY21 were up to $14.0 million (Q2 FY20: loss $7.2 million).#
“Our sales were favourably impacted during the first half of the year by increased vaccination availability coupled with pent-up demand, an increase in social events, summer vacation travel and anticipated return to work for many customers, but were tempered by late merchandise shipments driven by continued supply chain disruptions,” 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 fashion and accessories, has reported 24 per cent sales expansion to $206.0 million in second quarter (Q2) of FY21 ended on July 31, 2021, compared to the sales of $166.3 million in the corresponding quarter of last year. Net income for Q2 FY21 were up to $14.0 million (Q2 FY20: loss $7.2 million).#
“We anticipate seeing some impact to the business due to increased Covid cases, however we do not expect to see the same level of impact to the business as experienced in 2020,” Cato added.
The Cato Corporation, a US-based retailer of women's fashion and accessories, has reported 24 per cent sales expansion to $206.0 million in second quarter (Q2) of FY21 ended on July 31, 2021, compared to the sales of $166.3 million in the corresponding quarter of last year. Net income for Q2 FY21 were up to $14.0 million (Q2 FY20: loss $7.2 million).#
Gross margin during the three-month period surged to $90.4 million ($33.5 million). Moreover, cost and expenses totalled to $189.2 million ($179.2 million).
The Cato Corporation, a US-based retailer of women's fashion and accessories, has reported 24 per cent sales expansion to $206.0 million in second quarter (Q2) of FY21 ended on July 31, 2021, compared to the sales of $166.3 million in the corresponding quarter of last year. Net income for Q2 FY21 were up to $14.0 million (Q2 FY20: loss $7.2 million).#
“As infections continue to increase both abroad and within the US, we have temporarily reinstated our mask policy for associates in our stores, DC and Home Office, regardless of vaccination status,” Cato further said in the release. “As always, our associates' and customers' safety remains foremost in our minds as we continue to navigate this challenging retail environment and strive to offer our customers a safe place to shop.”
Fibre2Fashion News Desk (JL)
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