Cato Corp. Files Q1 2024 10-Q
Ticker: CATO · Form: 10-Q · Filed: May 30, 2024 · CIK: 18255
| Field | Detail |
|---|---|
| Company | Cato Corp (CATO) |
| Form Type | 10-Q |
| Filed Date | May 30, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, retail
TL;DR
Cato Corp's Q1 2024 10-Q is in. Check financials.
AI Summary
Cato Corp. filed its 10-Q for the period ending May 4, 2024, reporting on its financial performance. The company's fiscal year ends on February 1st. Key financial data and operational details for the first quarter of fiscal year 2024 are presented in this filing.
Why It Matters
This filing provides investors with an update on Cato Corp.'s financial health and operational status, crucial for understanding the company's performance in the women's clothing retail sector.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks indicated.
Key Numbers
- 20240504 — Period End Date (Reporting period for this 10-Q filing.)
- 20240530 — Filing Date (Date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- CATO CORP (company) — Filer
- 0001562762-24-000159 (filing_id) — Accession Number
- 20240504 (date) — Period of Report
- 20240530 (date) — Filing Date
- 0000018255 (cik) — Central Index Key
- 5621 (sic_code) — Standard Industrial Classification
- CHARLOTTE (location) — Business Address City
- NC (location) — Business Address State
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is May 4, 2024.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted to the SEC on May 30, 2024.
What is Cato Corp.'s Central Index Key (CIK)?
Cato Corp.'s Central Index Key (CIK) is 0000018255.
What is Cato Corp.'s Standard Industrial Classification (SIC) code?
Cato Corp.'s SIC code is 5621, which corresponds to Women's Clothing Stores.
Where is Cato Corp. headquartered?
Cato Corp. is headquartered in Charlotte, NC.
Filing Stats: 4,386 words · 18 min read · ~15 pages · Grade level 17.4 · Accepted 2024-05-30 11:00:55
Key Financial Figures
- $0 — ties, net of deferred income taxes of $0 and $ 107 ( 748 ) 355 for the three
Filing Documents
- cato-20240504.htm (10-Q) — 776KB
- exhibit101.htm (EX-10.1) — 73KB
- exhibit101p6i0.gif (GRAPHIC) — 7KB
- exhibit101p10i0.gif (GRAPHIC) — 7KB
- Exhibit311.htm (EX-31.1) — 33KB
- Exhibit312.htm (EX-31.2) — 33KB
- Exhibit321.htm (EX-32.1) — 6KB
- Exhibit322.htm (EX-32.2) — 6KB
- 0001562762-24-000159.txt ( ) — 4779KB
- cato-20240504.xsd (EX-101.SCH) — 36KB
- cato-20240504_cal.xml (EX-101.CAL) — 52KB
- cato-20240504_def.xml (EX-101.DEF) — 178KB
- cato-20240504_lab.xml (EX-101.LAB) — 452KB
- cato-20240504_pre.xml (EX-101.PRE) — 311KB
- cato-20240504_htm.xml (XML) — 590KB
Financial Statements (Unaudited)
Financial Statements (Unaudited): Condensed Consolidated Statements of Income and Comprehensive Income 2 For the Three Months Ended May 4, 2024 and April 29, 2023 Condensed Consolidated Balance Sheets 3 At May 4, 2024 and February 3, 2024 Condensed Consolidated Statements of Cash Flows 4 For the Three Months Ended May 4, 2024 and April 29, 2023 Condensed Consolidated Statements of Stockholders' Equity 5 For the Three Months Ended May 4, 2024 and April 29, 2023 Notes to Condensed Consolidated Financial Statements 6 - 19 Item 2.
Management's Discussion and Analysis
Management's Discussion and Analysis of Financial Condition and Results of Operations 20 - 26 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.
Controls and Procedures
Controls and Procedures 27 PART II – OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 28 Item 1A.
Risk Factors
Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3. Defaults Upon Senior Securities 28 Item 4. Mine Safety Disclosures 29 Item 5. Other Information 29 Item 6. Exhibits 29
Signatures
Signatures 30 2 PART I FINANCIAL INFORMATION ITEM 1.
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS THE CATO CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended May 4, 2024 April 29, 2023 (Dollars in thousands, except per share data) REVENUES Retail sales $ 175,272 $ 190,311 Other revenue (principally finance charges, late fees and layaway charges) 1,827 1,739 Total revenues 177,099 192,050 COSTS AND EXPENSES, NET Cost of goods sold (exclusive of depreciation shown below) 112,505 122,087 Selling, general and administrative (exclusive of depreciation shown below) 56,752 61,934 Depreciation 2,040 2,357 Interest and other income ( 5,821 ) ( 897 ) Costs and expenses, net 165,476 185,481 Income before income taxes 11,623 6,569 Income tax expense 649 2,141 Net income $ 10,974 $ 4,428 Basic earnings per share $ 0.54 $ 0.22 Diluted earnings per share $ 0.54 $ 0.22 Comprehensive income: Net income $ 10,974 $ 4,428 Unrealized gain (loss) on available-for-sale securities, net of deferred income taxes of $0 and $ 107 ( 748 ) 355 for the three months ended May 4, 2024 and April 29, 2023, respectively Comprehensive income $ 10,226 $ 4,783 See notes to condensed consolidated financial statements (unaudited). 3 THE CATO CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) May 4, 2024 February 3, 2024 (Dollars in thousands) ASSETS Current Assets: Cash and cash equivalents $ 39,101 $ 23,940 Short-term investments 66,250 79,012 Restricted cash 3,533 3,973 Accounts receivable, net of allowance for customer credit losses of $ 671 and $ 705 at May 4, 2024 and February 3, 2024, respectively 31,716 29,751 Merchandise inventories 101,317 98,603 Prepaid expenses and other current assets 7,724 7,783 Total Current Assets 249,641 243,062 Property and equipment – net 64,568 64,022 Other assets 23,305 25,047 Right-of-Use assets – net 139,635 154,686 Total Assets $
dilution
dilution that could occur from common shares issuable through stock options and the Employee Stock Purchase Plan. Three Months Ended May 4, 2024 April 29, 2023 (Dollars in thousands) Numerator Net earnings $ 10,974 $ 4,428 Earnings allocated to non-vested equity awards ( 557 ) ( 227 ) Net earnings available to common stockholders $ 10,417 $ 4,201 Denominator Basic weighted average common shares outstanding 19,356,789 19,303,048 Diluted weighted average common shares outstanding 19,356,789 19,303,048 Net income per common share Basic earnings per share $ 0.54 $ 0.22 Diluted earnings per share $ 0.54 $ 0.22 THE CATO CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 8 NOTE 3 – ACCUMULATED OTHER COMPREHENSIVE INCOME: The following table sets forth information regarding the reclassification out of Accumulated other comprehensive income (loss) (in thousands) for the three months ended May 4, 2024: Changes in Accumulated Other Comprehensive Income (Loss) (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at February 3, 2024 $ 395 Other comprehensive income (loss) before reclassification ( 1,434 ) Amounts reclassified from accumulated other comprehensive income (b) 686 Net current-period other comprehensive income (loss) ( 748 ) Ending Balance at May 4, 2024 $ ( 353 ) (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to accumulated other comprehensive income. (b) Includes $ 892 impact of Accumulated other comprehensive income reclassifications into Interest and other income for net realized gains on available-for-sale securities. The tax impact of this reclassification was $ 206 . The following table sets forth information regarding the reclassification out of Accumulated other comprehensive income (loss) (in thousands) for the three months ended April 29, 2023: Change