Third-quarter profit fell 24 percent at Charlotte-based Cato, Inc., as sales at stores open for a year or more declined, the retailer reported Thursday.
Cato earned $4.7 million during the quarter ended Oct. 27, compared with $6.1 million during the same period last year.
Total sales at Cato, which specializes in womens apparel, rose 2 percent, to $197.6 million. However, sales at stores open for a year or more fell 2 percent, Cato said. That measure, known as same-store sales, is considered an important measure of a retailers health, because it excludes newly opened and closed stores.
Our third quarter same-store sales reflect the difficult environment we have seen for much of the year, said CEO John Cato, in a statement. He said the results were in line with the retailers expectation.
During the quarter, Cato opened 25 stores. Cato operates 1,306 stores in 31 states, including its Versona accessories and Its Fashion stores.
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