Cato Q1 net income $9.7M ($0.46/diluted), down 53% YoY; sales $204.9M, -3%

CATO CORP

2022-Q1 EPS reported $0.46 revenue$206,721,000

Net income $9.7M ($0.46 diluted) vs $20.7M ($0.92) in Q1 2021; sales decreased 3% to $204.9M; same-store sales -2%.
Gross margin fell from 41.5% to 35.5% due to lower merchandise margins; SG&A improved to 29.5% of sales.
Entered $35M unsecured revolving credit facility with Wells Fargo, five-year term, SOFR+1.0%, replace prior BB&T facility.
Shareholders reelected Theresa J. Drew and D. Harding Stowe to board; approved Say-on-Pay and auditor ratification.
Management cautious on FY22: late shipments, inflation, and pressure on consumer discretionary income continue.

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