Cato's May Comps Fall 2%
Discount fashion retailer Cato reported this morning that May sales wilted.
For the four weeks ending June 1, total sales were $81.7 million, a 3% drop from the $84.3 million it recorded in the year-ago period. That translated into a same-store sales decline of 2% for May.
Cato CEO John Cato said the month "continued to be difficult although better than our current trend." For the 17-week period ending June 1, sales declined 2% to $348.9 million, compared to $357.1 million last year, while the retailer's year-to-date comps were down 4%.
Headquartered in Charlotte, N.C., Cato operates 1,307 stores in 31 states. It recorded sales of $938.4 million in the trailing-12-month period ending May 4.
The article Cato's May Comps Fall 2% originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool recommends The Cato. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.