Charlotte, NC—Cato Corp. said today its first quarter profit declined 3% as sales fell due to “difficult economic conditions,” cooler temperatures as well as other factors.
For the quarter ended May 4, the specialty retailer posted earnings of $30.8 million, or $1.05 a share, compared to $31.7 million, or $1.09 a share, in the same quarter a year ago. Analysts’ estimate was for $1.03 a share.
Net sales decreased 2% to $269.7 million missing analysts’ estimate for $274.7 million in sales. Comparable store sales fell 5%.
Gross margin decreased 80 basis points to 41.3% primarily due to lower merchandise contribution as well as higher occupancy costs related to store growth.
“Continuing difficult economic conditions, higher payroll taxes, delayed income tax refunds and cooler than normal temperatures in March and April negatively impacted first quarter sales,” stated John Cato, chairman/president/ceo.
But Cato said the company’s second quarter expectations remain unchanged: earnings per share between 42 cents and 48 cents with comparable store sales down 3% to flat.
For the full year, Cato narrowed its profit forecast to between $1.66 and $1.84 a share. In March, the company projected a 2013 profit of $1.64 to $1.93 a share.
During the quarter, Cato opened three stores, relocated one and closed six, bringing its total to 1,307 in 31 states. It operates its namesake brand, along with Versona and It’s Fashion stores.
For commercial purposes, extract supplements can be obtained from the fruit of the pericarp. Garcinia cambogia reviews is performed by a physician Chen and Oz to prove that it is an herb for weight loss, a lot of research has been done. Studies, Garcinia cambogia extract supplementation decreases the weight of the body fat accumulation, was shown to have a positive effect on prevention. We are important substances such as cholesterol (LDL), reduces the serum leptin and triglycerides. In addition, it will increase the level of serotonin and cholesterol (HDL). The study also, Garcinia cambogia extract supplements, has proven that there are no significant adverse effects on many of the eight weeks, such as its use.