American clothing chain Cato Corp. said Thursday that revenue
at stores open at least a year fell 6% in January. However, the company issued slightly higher guidance for per-share earnings for the fourth quarter, now expected to be 32 cents to 35 cents.
Cato’s sales at the end of January were hurt "by the timing of tax refunds," CEO John Cato said in a statement. He didn't offer further explanation though.
The company said it now expects per-share earnings for the fourth quarter - November through January- to be near the middle of its original prediction of 32 cents to 35 cents. The company also said it expects per-share earnings for the year to be between $2.18 and $2.21.
As reported a week ago by Financial News Network Online (FNNO), Cato’s shares are moving quickly. In the past 52 weeks, shares of Cato have traded between a low of $21.61 and a high of $30.77 and are now at $26.23, which is 21% above that low price.
In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant. Cato (NYSE:CATO) is currently priced 4.7% above its average consensus analyst price target of $25.00. The stock should find initial support at its 200-day moving average (MA) of $25.65 and further support at its 50-day MA of $24.88.
Net revenue, which includes revenue at stores open at least a year, fell 4%t to $50.5 million.
|
