Cato Corp. exceeded third-quarter expectations after its October sales received a lift. Net income increased 4.6 percent to $4.9 million, or 17 cents a diluted share, from $4.7 million, or 16 cents, in the 2012 quarter. Analysts, on average, had expected earnings per share of 14 cents.
Revenues expanded 0.5 percent, to $201 million from $200 million. Sales rose 0.6 percent, to $198.8 million from $197.6 million, and were off 1 percent on a same-store basis despite a 3 percent hike in October. Gross margin expanded to 35.2 percent of sales from 34 percent a year ago, principally on improvement in merchandise margins.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"