CHARLOTTE, N.C. (AP) — Clothing retailer Cato Corp. said Thursday that revenue in stores open at least a year fell 2 percent in August, as consumers held back on spending at the chain's Cato, Versona and It's Fashion stores.
Revenue in stores open at least one year is a key measure of a retailer's health, because it excludes sales at stores that recently opened or closed.
"August same-store sales were within our range of expectations and consistent with our current trend," said CEO John Cato. "We remain cautious in regard to the remainder of the year."
Total revenue for the four weeks ended Aug. 31 fell 5 percent to $59.2 million.
Year-to-date, revenue in stores open at least one year fell 3 percent while total revenue fell 2 percent to $566.4 million.
Charlotte, N.C.-based Cato, which operates 1,306 stores in 31 states, expects to report second-quarter results on Aug. 22.
Its shares rose 7 cents to $26.64 in morning trading Thursday.