---
schema_version: "secwatch.filing_event.v1"
accession: "0001562762-23-000258"
form_type: "8-K"
ticker: "CATO"
cik: "0000018255"
company_name: "CATO CORP"
filed_at: "2023-05-22T23:59:59+00:00"
generated_at: "2026-06-14T18:28:22.659217+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Cato Q1 net income falls to $4.4M ($0.22) from $9.7M ($0.46); sales down 7%

## Summary
- Net income $4.4M ($0.22 per diluted share) vs $9.7M ($0.46) in Q1 2022.
- Sales $190.3M, down 7% YoY; same-store sales decreased 6%.
- Gross margin improved to 35.8% from 35.5%; SG&A expense rose to 32.5% from 29.5%.
- Opened 4 stores, closed 20; ended with 1,264 stores in 32 states.
- Shareholders voted for say-on-pay advisory vote every three years; directors elected.

## SEC filing metadata
- accession: 0001562762-23-000258
- form_type: 8-K
- ticker: CATO
- cik: 0000018255
- company_name: CATO CORP
- filed_at: 2023-05-22T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 5.07, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/18255/000156276223000258/0001562762-23-000258-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/18255/000156276223000258/cato-20230531.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001562762-23-000258
- JSON: https://secwatch.observer/filing/0001562762-23-000258.json
- Plain text: https://secwatch.observer/filing/0001562762-23-000258.txt

## Key facts
- Earnings Releases
  CATO CORP reported first quarter ended April 29, 2023 results: revenue $190.3 million, net income $4.4 million, EPS $0.22 per diluted share.
  - Period: first quarter ended April 29, 2023
  - Revenue: $190.3 million
  - Net income: $4.4 million
  - EPS: $0.22 per diluted share
  - Result: reported results
  source text: The Cato Corporation (NYSE: CATO) today reported net income of $4.4 million or $0.22 per diluted share for the first quarter ended April 29, 2023, compared to net income of $9.7 million or $0.46 per diluted share for the first quarter ended April 30, 2022. Sales for the first quarter ended April 29, 2023 were $190.3 million, or a decrease of 7% from sales of $204.9 million for the first quarter ended April 30, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/18255/000156276223000258/0001562762-23-000258-index.htm
- Shareholder Votes
  CATO CORP shareholders approved Election of Directors at the 2023-05-18 meeting.
  - Proposal: director election
  - Outcome: passed
  - Meeting: 2023-05-18
  source text: On May 18, 2023, the Registrant held its Annual Meeting. The following are the voting results on each matter submitted to the Registrant’s stockholders at the Annual Meeting.
  evidence_url: https://www.sec.gov/Archives/edgar/data/18255/000156276223000258/0001562762-23-000258-index.htm
- Shareholder Votes
  CATO CORP shareholders approved Frequency of advisory vote on executive compensation at the 2023-05-18 meeting.
  - Proposal: say on pay frequency
  - Outcome: passed
  - Meeting: 2023-05-18
  source text: 3. In addition, to hold an advisory (non-binding) vote on how often a shareholder vote on “say on pay” is held every one year, two years or three years.
  evidence_url: https://www.sec.gov/Archives/edgar/data/18255/000156276223000258/0001562762-23-000258-index.htm
- Shareholder Votes
  CATO CORP shareholders approved Ratification of PricewaterhouseCoopers LLP as independent auditor at the 2023-05-18 meeting.
  - Proposal: auditor ratification
  - Outcome: passed
  - Meeting: 2023-05-18
  source text: 4. To approve, to ratify the selection of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for the fiscal year ending February 3, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/18255/000156276223000258/0001562762-23-000258-index.htm
- Shareholder Votes
  CATO CORP shareholders approved Advisory vote on executive compensation at the 2023-05-18 meeting.
  - Proposal: say on pay
  - Outcome: passed
  - Meeting: 2023-05-18
  source text: 2. To approve, on an advisory basis, the Company’s executive compensation. The Company’s shareholders voted to approve this proposal with 22,466,145 for and 6,346,566 votes against. There were 89,348 abstentions and 5,014,557 Broker non-votes.
  evidence_url: https://www.sec.gov/Archives/edgar/data/18255/000156276223000258/0001562762-23-000258-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.