CHARLOTTE, N.C. (AP) -- The Cato Corp. said Thursday that the sluggish economy helped push revenue at stores open at least a year down 2 percent in July.
The retailer said it expects second-quarter earnings to be near the high end of the range that it had forecast — between 53 cents and 57 cents per share, which would be 7 percent to 13 percent below last year's second quarter.
Total revenue rose 1 percent to $63.4 million in the four weeks ended July 28.
For the second quarter, revenue fell 1 percent to $231.5 million from a year earlier, and revenue at stores open at least a year dropped 4 percent.
Revenue at stores open at least a year is a closely watched measure of ongoing performance in retailing because it excludes the effect of new or closed stores, which can skew the comparison.
Cato sells clothes and accessories at nearly 1,300 Cato, Versona and It's Fashion stores. It is expected to release second-quarter results on Aug. 16.
Its shares rose 15 cents to $27.65 in morning trading Thursday. They have ranged from $21.61 to $32.32 in the past year.
