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Cato's February same-store sales fall 'well below' expectations

Tomi Kilgore

Cato Corp. reported Thursday a February same-stores decline of 10% from a year ago, while net sales declined 12% to $59.1 million. The discount apparel and accessories retailer's stock was still inactive in premarket trade. "February same-store sales were well below our expectations," Chief Executive John Cata said in a statement. The company said it closed 3 stores during the month. Over the past year, stores operated declined to 1,308 in 31 states from 1,351 stores in 33 states. Cato's stock has rallied 20.5% over the past 12 months, while the SPDR S&P Retail ETF has slipped 0.6% and the S&P 500 has tacked on 1.6%.