Cato earnings up 38%

Charlotte, N.C. Cato Corp. reported an increase in earnings to $16.7 million for its second fiscal quarter ended Aug. 1, compared with $12.1 million last year.

Sales in the  quarter fell 2%  to $225.4 million. Same-store sales  dropped 3%.

“Our second-quarter sales decrease was offset by lower expenses,” says John Cato, chief executive. “Our original guidance for the second half of the year remains unchanged, and we continue to manage our business tightly in this difficult environment.”