Cato slumps to 2-month low as CEO sees 'challenging' quarter ahead

Cato

17/11/2021 15:14

** Shares of women's fashion retailer  CATO.N  drop 17% to
$16.03
    ** Stock reaches lowest in two months
    ** Co reports Q3 revenue of $172.2 mln, up year-over-year
but down 17% from Q2  urn:newsml:reuters.com:*:nPn58Y81xa
    ** Sales in Q3 softened due to decreasing inventory levels
caused by supply chain disruptions, CEO John Cato says
    ** "We believe the fourth quarter will be very challenging,"
Cato says, due to rising inflation and the Delta variant,
coupled with supply chain concerns
    ** Shares up 65.4% YTD 

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))