Cato Suspends Dividend as Sales Slow

Dow Jones

Nov 22, 2024

By Ben Glickman

Cato suspended its quarterly dividend citing economic conditions, after the company reported a wider loss and falling sales in its latest quarter.

The women's fashion retailer has issued a quarterly cash dividend of 17 cents a share since 2021. The company said early Friday that its board had suspended its payout to shareholders in light of sales trends.

The Charlotte, N.C., company on Thursday reported a loss of $15.1 million, or 79 cents a share, in the quarter ended Nov. 2, compared with a loss of $6.08 million, or 30 cents a share, a year earlier.

Sales fell 8% to $146.2 million. The company cited weakening consumer spending on discretionary items and sale hurricanes and supply chain issues also affected results.

Cato said that one of its largest suppliers had gone bankrupt, leading to higher costs for stocking shelves.

Cato's shares fell 18% on Thursday after the company reported earnings.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

November 22, 2024 07:18 ET (12:18 GMT)

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The company said early Friday that its board had suspended its payout to shareholders in light of sales trends. \n\n\n  The Charlotte, N.C., company on Thursday reported a loss of $15.1 million, or 79 cents a share, in the quarter ended Nov. 2, compared with a loss of $6.08 million, or 30 cents a share, a year earlier. \n\n\n  Sales fell 8% to $146.2 million. 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