Charlotte-based Cato Corp. reported Thursday that sales and profits fell in its second quarter, as the value-priced womens apparel company continued grappling with an uncertain economy.
The companys second-quarter sales fell 1 percent compared with the same period a year ago, to $232 million. Profits were down 4 percent, to $17.3 million. Sales at stores open a year or more, considered a key measure of a retailers health, fell 4 percent.
Cato heaped blame on the still-wobbly economy and government situation.
As we have noted all year, same-store sales have been volatile and have been affected by our customers uncertainty regarding the countrys economic and political situation, CEO John Cato said in a statement. We expect this difficult environment to continue in the second half.
Cato operates about 1,300 stores, including apparel stores Cato and Its Fashion, and accessory store Versona. The companys stock closed down 2 cents, at $29.99 a share, on Thursday.