secwatch.observer — SEC 8-K summary
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Issuer:     CATO CORP (CATO)
CIK:        0000018255
Form:       8-K
Filed at:   2022-05-23T23:59:59+00:00
Accession:  0000018255-22-000020
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 1.01, 1.02, 2.02, 2.03, 5.07, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/18255/000001825522000020/0000018255-22-000020-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/18255/000001825522000020/cato-20220519.htm
  HTML page:      https://secwatch.observer/filing/0000018255-22-000020

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