Cato reports Q2 net loss of $2.3M ($0.11 EPS) as sales fall 5%

CATO CORP

2022-Q2 EPS reported $0.35 revenue$403,585,000

Net loss of $2.3M ($0.11 diluted loss) vs net income of $14.0M ($0.62 EPS) in Q2 last year.
Sales of $195.0M, down 5% YoY; same-store sales also decreased 5%.
Gross margin compressed to 32.4% from 43.9% due to lower merchandise margins and higher freight.
CEO cites inflation pressure on discretionary spending; expects challenging back half.
Store count at 1,312; opened 4, closed 7 stores during the quarter.

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