Cato reports Q3 net loss of $4.5M, revenue up 3% but margins compress on markdowns

CATO CORP

2022-Q3 EPS reported $0.14 revenue$580,211,000

Net loss of $4.5M (-$0.21 diluted EPS) versus net income of $8.6M ($0.39) in Q3 2021.
Q3 revenue $174.9M, +3% YoY; same-store sales +3%.
Gross margin fell to 29.3% from 38.9% due to increased markdowns and higher freight costs.
Nine-month net income $3.0M ($0.14 EPS) vs $43.3M ($1.93) prior year.
CEO cites inflation pressuring discretionary spend; says remainder of year challenging.

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