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Cato exceeds guidance in Q2; scales back store openings
Charlotte, N.C. -- The Cato Corporation reported that net income rose 6% to $15.7 million for the second quarter ended Aug. 2, from $14.8 million last year.
Sales increased 6% to $243.8 million, from $229.4 million last year. Same-store sales increased 3%.
"Second quarter same-store sales were in line with our year-to-date trend," said John Cato, CEO. "However, we continue to expect the second half earnings per diluted share will be within our original guidance range.”
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Sembler to introduce new developments at ICSC Florida
St. Petersburg, Fla. -- The Sembler Company will introduce the newest additions to its portfolio as the company participates in the International Council of Shopping Centers’ Florida conference Aug. 24-26 in Kissimmee.
As part of a strategic shift back to traditional grocery-anchored shopping centers, Sembler recently inked deals on two Florida centers: North Port Center, Heron Creek, a grocery-anchored neighborhood center in North Port, Sarasota County, Florida; and The Shoppes at Trinity Lakes in Pasco County, Florida.