Cato Corp. (CATO) has reported a notable increase in its first-quarter profits, surpassing analysts' expectations.
The company achieved a net income of $11.0 million, or $0.54 per share, compared to $4.4 million, or $0.22 per share, in the same period last year.
Analysts, on average, had anticipated the company to break even, according to data from Thomson Reuters. These estimates typically exclude special items.
However, Cato Corp.’s revenue for the quarter saw a decline of 7.8%, dropping to $177.1 million from $192.1 million in the previous year.
Here are Cato Corp.’s first-quarter earnings highlights based on GAAP:
- Earnings (Q1): $11.0 million vs. $4.4 million last year
- EPS (Q1): $0.54 vs. $0.22 last year
- Revenue (Q1): $177.1 million vs. $192.1 million last year
