Cato(US:CATO)2025-05-27 18:22Financial Performance - Cato Corporation reported net income of $3.3 million or $0.17 per diluted share for Q1 2025, a decrease from $11.0 million or $0.54 per diluted share in Q1 2024[2]. - Sales for Q1 2025 were $168.4 million, down 4% from $175.3 million in Q1 2024, with same-store sales remaining flat[2][9]. - Total revenues for Q1 2025 were $170.2 million, compared to $177.1 million in Q1 2024[9]. Margins and Expenses - Gross margin as a percentage of sales decreased to 35.1% in Q1 2025 from 35.8% in Q1 2024, attributed to higher markdown sales[3][9]. - Selling, General and Administrative expenses decreased to $55.3 million in Q1 2025 from $56.8 million in Q1 2024, but as a percentage of sales, it increased to 32.8% from 32.4%[3][9]. - Interest and other income decreased to $1.2 million in Q1 2025 from $5.8 million in Q1 2024, primarily due to a prior year gain on sale of land[3][9]. Store Operations - The company closed eight stores during the quarter, reducing the total number of stores to 1,109 as of May 3, 2025, down from 1,171 stores a year earlier[4]. - Cato Corporation bought back 294,036 shares during the quarter[4]. Cash and Liabilities - Cash and cash equivalents increased to $31.3 million as of May 3, 2025, from $20.3 million[10]. - Current liabilities stood at $130.0 million as of May 3, 2025, compared to $130.7 million in the previous quarter[10].