EXHIBIT 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
For Further Information Contact:
InvestorRelations@catocorp.com
CATO REPORTS
4Q AND FULL YEAR LOSS
ノースカロライナ州シャーロット（2024年3月21日） - ケイトー・コーポレーション（NYSE: CATO）は本日、（23.4ドルの）純損失を計上した。
million or ($1.14) per diluted share for the fourth quarter ended
February 3, 2024, compared to a net loss of ($3.0) million
or ($0.14) per diluted share for the fourth quarter ended January
28, 2023.
Full-year fiscal 2023 net loss was ($23.9)
million or ($1.17) per diluted share compared to net income of $0.0 million
or $0.00 per diluted share for 2022.
Contributing to the net loss is income tax expense of $10.9 million for the
fourth quarter of fiscal 2023 and $10.1 million
for the full year of fiscal 2023.
The income tax expense is primarily due to a non-cash valuation allowance
recorded
米国連邦および州の繰延税金資産に対するものである。
Sales for the fourth quarter ended February 3, 2024 were $172.1 million,
or a decrease of 3% from sales of $177.5 million
for the fourth quarter ended January 28, 2023.
The Company’s same-store sales for the quarter decreased 5% compared to
the same period in 2022.
The gap between sales and same store sales percentages is due to
the fourth quarter of 2023
containing fourteen weeks versus thirteen weeks in the fourth quarter
of fiscal 2022, as the fiscal year ended February 3,
2024 contains 53 weeks versus 52 weeks in the fiscal year ended
January 28, 2023.
For the year, the Company's sales
decreased 7% to $700.3 million from 2022 sales of $752.4 million.
Same-store sales for the year decreased 6% compared
"Our fiscal 2023 sales trend was negatively impacted by pressure on our
customers’ discretionary spending levels
primarily due to higher interest rates and inflation,” said John Cato, Chairman,
President and Chief Executive Officer.
“Our full year gross margin rate improved compared to fiscal 2022, as we focused
on controlling our inventory.
Despite
the challenges experienced throughout 2023, we have continued
investing in key capital projects and efficiency initiatives
Fourth-quarter gross margin decreased from 31.3% to 31.0% of sales in 2023 reflecting
pressure from increased
markdowns, coupled with higher buying and domestic freight costs.
Selling, general and administrative expenses as a
percent of sales increased from 33.8% to 39.2% of sales during the quarter primarily
due to increased store operating
expenses, insurance, closed store and impairment expenses.
Income tax for the quarter was an expense of $10.9 million
compared to a benefit of $1.2 million last year.
The increase in tax expense for the quarter was due primarily to a non-
cash valuation allowance recorded against U.S. federal and state deferred
tax assets.
For the full year 2023, gross margin increased from 32.3% of sales in 2022 to 33.7% of
sales in part due to lower ocean
freight costs and an increase in regular priced selling of goods, partially
offset by higher occupancy and buying costs.
Selling, general and administrative expenses increased to 36.1% of sales compared
to 32.3% in the prior year.
The
selling, general and administrative rate increase was primarily due
to higher payroll costs, insurance and closed store
expenses including impairment expenses. Income tax expense for
the year was $10.1 million compared to an expense of
$1.7 million last year.
The increase in tax expense for the year was due primarily
to a non-cash valuation allowance
米国連邦および州の繰延税金資産に対して計上された。
会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。 初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。 初めての方には「30日間の無料体験」実施中！会社開示
会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。 初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。 初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご
会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。 初めての方には「30日間
エドガーで原本を確認する
株探プレミアムに申し込む(初回無料体験付き)
プレミアム会員の方はこちらからログイン