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Cato fiscal Q1 profit falls YOY

Cato Corp. said its normalized net income for the fiscal first quarter ended May 3 amounted to $1.06 per share, compared with $1.06 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $30.1 million, a decrease from $30.5 million in the prior-year period.

The normalized profit margin declined to 10.6% from 11.3% in the year-earlier period.

Total revenue climbed 5.6% on an annual basis to $284.7 million from $269.7 million, and total operating expenses grew 7.0% on an annual basis to $237.3 million from $221.7 million.

Reported net income fell from the prior-year period to $29.5 million, or $1.04 per share, from $30.3 million, or $1.05 per share.