Cato reports Q1 net income $11.0M ($0.54 EPS) vs $4.4M last year; sales down 8%

CATO CORP

2024-Q1 EPS reported $0.54 revenue$177,099,000

Diluted EPS of $0.54 vs $0.22 in Q1 2023; net income rose to $11.0M from $4.4M.
Sales $175.3M, down 8% from $190.3M; same-store sales decreased 6%.
Closed 7 stores; store count 1,171 vs 1,264 a year ago.
Repurchased 431,415 shares during the quarter.
CEO 'cautious' citing high interest rates and inflation pressuring discretionary spending.

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