Cato income up in Q4, full year
Charlotte, N.C. -- Cato Corp.'s fiscal fourth-quarter net income climbed 8% as revenue improved. The company earned $7.9 million, compared with $7.3 million a year earlier.
Sales for the quarter ended January 29, 2011 were $224.3 million, a 3% increase over sales of $217.7 in the year-ago period. Same-store sales increased 1%.
Full year 2010 net income was a record $57.7 million, compared with $45.8 million last year. Sales for the full year were $913.9 million, an increase of 5% over 2009 sales of $872.1 million. Same -store sales increased 3%.
Cato said that it expects economic uncertainty to continue to impact its results in 2011 and that increasing raw material and freight costs will weigh on its performance mostly during the second half of the year.