We will continue our initiatives on improving our
merchandise assortment, including introducing new offerings.”
During 2024, the Company opened one store, relocated four stores and
permanently closed 62 stores.
As of February 1,
2025, the Company operated 1,117 stores in 31 states, compared to 1,178 stores in 31 states as
of February 3, 2024.
During 2025, the Company plans to open up to 15 new stores and close
up to 50 underperforming stores as leases expire.
These store closings are anticipated to have minimal financial impact.
The Cato Corporation is a leading specialty retailer of value-priced fashion apparel
and accessories operating three
concepts, “Cato,” “Versona” and “It’s
Fashion.”
The Company’s Cato stores offer exclusive merchandise with fashion
and quality comparable to mall specialty stores at low prices every
day.
The Company also offers exclusive merchandise
found in its Cato stores at www.catofashions.com.
Versona
is a unique fashion destination offering apparel and
accessories including jewelry, handbags and shoes at exceptional prices every day.
Select Versona
merchandise can also
be found at www.shopversona.com.
It’s Fashion offers fashion with a focus on the latest trendy styles for the entire
family at low prices every day.
Statements in this press release that express a belief, expectation or intention, as well as those that are not a historical
fact,
including, without limitation, statements regarding the Company’s
expected or estimated operational financial
results, activities or opportunities, and potential impacts and effects of interest rates, inflation or other factors that may
affect our customers’ disposable income or our costs, are considered “forward-looking” within the meaning of The
Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are based on current expectations that
are subject to known and unknown risks, uncertainties and other factors that could cause actual
results to differ
materially from those contemplated by the forward-looking statements.
Such factors include, but are not limited to, any
actual or perceived deterioration in the conditions that drive consumer confidence and spending,
including, but not
limited to, prevailing social, economic, political, geopolitical, and public health conditions and uncertainties,
levels of
unemployment, fuel, energy and food costs, inflation, wage rates, tax rates, interest rates, home values, consumer net
worth and the availability of credit; changes in laws,
regulations or government policies affecting our business, including
but not limited to tariffs; uncertainties regarding the impact of any governmental action regarding, or responses to, the
foregoing conditions; competitive factors and pricing pressures; our ability to predict and respond to rapidly changing
fashion trends and consumer demands; our ability to successfully implement our new store development strategy to
increase new store openings and the ability of any such new stores to grow and perform as expected; adverse weather,
public health threats (such as
COVID-19) or similar conditions that may affect our sales or operations;
inventory risks
due to shifts in market demand, including the ability to liquidate
excess inventory at anticipated margins; adverse
developments or volatility affecting the financial services industry or
broader financial markets; and other factors
discussed under “Risk Factors” in Part I, Item 1A
of the Company’s
most recently filed annual report on Form 10-K and
in other reports the Company files with or furnishes to the SEC from time to time.
The Company does not undertake to
publicly update or revise the forward-looking statements even if experience or future changes make it clear that the
projected results expressed or implied therein
will not be realized. The Company is not responsible for any changes made
to this press release by wire or Internet services.
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