Cato (NYSE:CATO) earnings for the women’s fashion retail company’s second quarter of 2020 have its stock taking a beating on Friday. This comes after reporting diluted losses per share of 30 cents and revenue of $168.17 million.
Let’s take a deeper dive into the most recent Cato earnings report below.
- Diluted per-share losses are a negative switch from diluted earnings per share of 48 cents in the same period of the year prior.
- Revenue for the quarter is sitting 20.9% lower than the $212.58 million reported in the second quarter of 2019.
- The Cato earnings also have it reporting a net loss of $7.17 million.
- That’s a major decline compared to the company’s net income of $11.87 million from the same time last year.
John Cato, chairman, president and CEO of Cato, said the following in its current earnings report.
“Sales softened through the quarter and into early August. As we see this trend continuing, we are cautious about the second half of the year. And we remain committed to protecting our customers, associates and the communities we serve, in light of the unprecedented situation regarding the COVID-19 pandemic.”
Cato doesn’t mention guidance in its Q2 earnings report. That’s likely due to the novel coronavirus affecting retailers. This has it following a trend of companies withholding guidance during the pandemic.
CATO stock was down 22.2% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.