Cato reports Q1 loss, sales decline by 57 percent

The Cato Corporation has reported net loss of 28.4 million dollars or 1.19 dollars per diluted share for the first quarter compared to net income of 21.3 million dollars or 87 cents per diluted share for the same quarter ended May 4, 2019. The company said in a statement that sales for the quarter were 98.8 million dollars or a decrease of 57 percent, while same-store sales for the quarter decreased 56 percent to last year.