Cato Corp. reports Q4 EPS ($1.14) vs. (14c) last year

Reports Q4 revenue $172.1M vs. $177.5M last year. “Our FY23 sales trend was negatively impacted by pressure on our customers’ discretionary spending levels primarily due to higher interest rates and inflation,” said CEO John Cato. “Our full year gross margin rate improved compared to FY22, as we focused on controlling our inventory. Despite the challenges experienced throughout 2023, we have continued investing in key capital projects and efficiency initiatives in support of our long-term growth.”