Cato Corp slides on Q2 loss, sales fall

Cato

18/08/2022 16:24

** Shares of apparel and accessories retailer Cato Corp
 CATO.N  fall as much as 7% to $12.55
    ** Stock last down 6%, on course for worst day since March
2022
    ** CATO reports Q2 net loss of $2.3 mln, or 11 cents per
share, compared with net income of $14 mln, or 62 cents per
share, a year earlier
    ** Company's Q2 sales fall 5% to $195 mln  urn:newsml:reuters.com:*:nPn86hqL0a
    ** CEO John Cato says sales were negatively impacted during
H1 as inflation-hit consumers spent less on discretionary items
such as fashion apparel, resulting in significant markdowns to
clear inventory
    ** Stock has fallen ~27% this year
    

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam;))