Cato Q3 net loss $15.1M (-$0.79 EPS); sales down 8%; suspends dividend

CATO CORP

2024-Q3 EPS reported -$0.24 revenue$491,897,000

Q3 net loss $15.1M ($0.79 loss per share) vs $6.1M loss ($0.30) a year ago.
Revenue $144.6M, down 8% YoY; same-store sales decreased 3%.
Gross margin fell to 28.8% from 32.5% on markdowns and higher freight/distribution costs.
Board suspends regular quarterly dividend due to economic conditions and sales trends.
Store count 1,167 as of Nov 2, 2024, down from 1,245 a year earlier; opened 1, closed 13 YTD.

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