Discount fashion retailer Cato (CATO -2.60%) reported this morning that May sales wilted.
For the four weeks ending June 1, total sales were $81.7 million, a 3% drop from the $84.3 million it recorded in the year-ago period. That translated into a same-store sales decline of 2% for May.
Cato CEO John Cato said the month "continued to be difficult although better than our current trend." For the 17-week period ending June 1, sales declined 2% to $348.9 million, compared to $357.1 million last year, while the retailer's year-to-date comps were down 4%.
Headquartered in Charlotte, N.C., Cato operates 1,307 stores in 31 states. It recorded sales of $938.4 million in the trailing-12-month period ending May 4.
