Cato August same-store sales rise 5 percent

Cato same-store sales rise 5 percent in August on tax-holiday shift

• On 9:48 am EDT, Thursday September 3, 2009

CHARLOTTE, N.C. (AP) -- Women's clothing retailer The Cato Corp. said Thursday sales at its stores open at least a year rose 5 percent in August, aided by the shift in tax holidays from July.

Net sales for the four weeks ended Aug. 29 rose 6 percent to $59 million from $55.6 million.

CEO John Cato said the shift in tax-free weekends in many states from July to August helped performance.

Sales at stores open at least a year are a key measure of retailer performance because they measure growth at existing stores rather than from newly opened ones.

Sales for the 30 week-period ending Aug. 29 rose 2 percent to $522.4 million, while sales in stores open at least a year rose 1 percent.

Cato shares were unchanged at $36.44 in morning trading.