Cato Q2 net income $0.01 EPS vs $0.06; sales down 8% to $166.9M

CATO CORP

2024-Q2 EPS reported $0.54 revenue$345,727,000

Net income of $0.1M ($0.01 diluted EPS) vs $1.1M ($0.06) in prior year Q2.
Sales $166.9M, down 8% YoY; same-store sales decreased 2%.
Gross margin fell to 34.6% from 35.1%; SG&A as % of sales rose to 34.9% from 34.0%.
Closed 5 stores in Q2; store count 1,166 vs 1,247 a year ago.
Management: 'back half of the year will remain challenging.'

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