US Market News
1週前
Southern First Appoints Bryan Kennedy to Board of DirectorsJune 3, 2026 8:42 AM
PR Newswire (US) GREENVILLE, S.C., June 3, 2026 /PRNewswire/ -- Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, is pleased to announce the appointment of Bryan Kennedy to its Board of Directors, effective June 1, 2026. Kennedy recently retired following a distinguished 43-year career in commercial banking that included founding Park Sterling Bank, the largest capitalized bank start up in North Carolina history. He began his career as a commercial banker at NCNB (now Bank of America) and later joined First Charlotte Bank. He then helped launch Park Meridian Bank, which was acquired by Regions Bank in 2001. Following the acquisition, Kennedy was named North Carolina Market President for Regions Bank, where he spearheaded their expansion into three additional North Carolina markets. In 2006, he founded Park Sterling Bank, which was sold to SouthState Bank in 2017. Upon that sale, he became the Northern Banking Group President for SouthState, overseeing operations across North Carolina and Virginia, and served as a member of the bank's Operating Committee.Kennedy holds a bachelor's degree in commerce from the University of Virginia, an MBA from the University of North Carolina, and is an Honors graduate of the Stonier Graduate School of Banking. He has public company governance experience as the Lead Independent Director of The Cato Corporation (NYSE: CATO), where he has served on the Board since 2009. Previously, he served on the Board and Executive Committee of Park Sterling Bank. Kennedy has also been actively involved in many Charlotte area nonprofit organizations, including serving as Board Chair of Hospice and Palliative Care Charlotte Region."We are honored to welcome Bryan to our Board of Directors," said Art Seaver, Chief Executive Officer of Southern First. "Bryan's track record of building and leading successful banks makes him an outstanding addition to our Board. His experience, strategic perspective, and commitment to serving others will be invaluable as we continue to grow Southern First and deliver exceptional value to our clients, teammates, shareholders, and communities."About Southern First Bancshares
Southern First Bancshares, Inc., Greenville, South Carolina is a registered bank holding company incorporated under the laws of South Carolina. The company's wholly owned subsidiary, Southern First Bank, is the second largest bank headquartered in South Carolina. Southern First Bank has been providing financial services since 1999 and now operates in 13 locations in the Greenville, Columbia, and Charleston markets of South Carolina as well as the Charlotte, Triangle and Triad regions of North Carolina and Atlanta, Georgia. Southern First Bancshares has consolidated assets of approximately $4.6 billion and its common stock is traded on The NASDAQ Global Market under the symbol "SFST." More information can be found at www.southernfirst.com.MEDIA CONTACT: ART SEAVER, CEO, 864-679-9010 View original content to download multimedia:https://www.prnewswire.com/news-releases/southern-first-appoints-bryan-kennedy-to-board-of-directors-302789273.htmlSOURCE Southern First Bancshares, Inc. Original: Southern First Appoints Bryan Kennedy to Board of Directors
US Market News
3週前
CATO REPORTS 1Q EARNINGSMay 21, 2026 7:00 AM
PR Newswire (US) CHARLOTTE, N.C., May 21, 2026 /PRNewswire/ -- The Cato Corporation (NYSE: CATO) today reported net income of $9.3 million or $0.47 per diluted share for the first quarter ended May 2, 2026, compared to net income of $3.3 million or $0.17 per diluted share for the first quarter ended May 3, 2025. Sales for the first quarter ended May 2, 2026 were $169.5 million, or an increase of 0.7% from sales of $168.4 million for the first quarter ended May 3, 2025. The Company's same-store sales for the quarter increased 3%. "Our results significantly benefited from the refund claim of IEEPA (International Emergency Economic Powers Act) tariffs in the quarter. Our sales trend softened as the quarter continued in part due to higher fuel prices pressuring our customers' discretionary income," said John Cato, Chairman, President and Chief Executive Officer." For the foreseeable future we expect our sales to be negatively impacted by rising inflation, especially fuel and food prices, which will reduce our customers' discretionary income."First quarter gross margin as a percentage of sales was 37.2% in 2026 and 35.1% in 2025. The increase in gross margin as a percentage of sales is due in part to a pre-tax $5.7 million tariff refund claim partially offset by lower merchandise contribution caused in part by higher sales of marked-down goods. Selling, General and Administrative expense decreased to $53.9 million in the first quarter of 2026 from $55.3 million in 2025 due to decreases in corporate payroll expense, insurance costs and equipment maintenance partially offset by incentive compensation expense. Selling, General and Administrative expense as a percentage of sales decreased to 31.8% in 2026 compared to 32.8% in 2025. Interest and other income were $1.2 million in both 2026 and 2025. Income tax expense for the quarter decreased to $0.5 million in 2026 from $0.9 million in 2025. The decrease in tax expense is primarily due to a reduction in foreign taxes.Additionally, the Company bought back 107,823 shares during the quarter. During the first quarter ended May 2, 2026, the Company opened two stores and closed six stores. As of May 2, 2026, the Company operated 1,065 stores in 31 states, compared to 1,109 stores in 31 states as of May 2, 2025. The Cato Corporation is a leading specialty retailer of value-priced fashion apparel and accessories operating three concepts, "Cato," "Versona" and "It's Fashion." The Company's Cato stores offer exclusive merchandise with fashion and quality comparable to mall specialty stores at low prices every day. The Company also offers exclusive merchandise found in its Cato stores at www.catofashions.com. Versona is a unique fashion destination offering apparel and accessories including jewelry, handbags and shoes at exceptional prices every day. Select Versona merchandise can also be found at www.shopversona.com. It's Fashion offers fashion with a focus on the latest trendy styles for the entire family at low prices every day.Statements in this press release that express a belief, expectation or intention, as well as those that are not a historical fact, including, without limitation, statements regarding the Company's expected or estimated operational financial results, activities or opportunities, and potential impacts and effects of events, risks or contingencies are considered "forward-looking" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations that are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contemplated by the forward-looking statements. Such factors include, but are not limited to, any actual or perceived deterioration in the conditions that drive consumer confidence and spending, including, but not limited to, prevailing social, economic, political and public health conditions and uncertainties, levels of unemployment, fuel, energy and food costs, inflation, wage rates, tax rates, interest rates, home values, consumer net worth and the availability of credit; changes in laws or regulations affecting our business, including but not limited to tariffs and taxes; uncertainties regarding the impact of any governmental action regarding, or responses to, the foregoing conditions; competitive factors and pricing pressures; our ability to predict and respond to rapidly changing fashion trends and consumer demands; our ability to open new stores in attractive locations and the ability of any such new stores to grow and perform as expected; underperformance or other factors that may lead to a continuation or acceleration of store closures and negative affect on the Company's profitability; adverse weather, public health threats, acts of war or aggression or similar conditions that may affect our sales or operations; inventory risks due to shifts in market demand, including the ability to liquidate excess inventory at anticipated margins; and other factors discussed under "Risk Factors" in Part I, Item 1A of the Company's most recently filed annual report on Form 10-K and in other reports the Company files with or furnishes to the SEC from time to time. The Company does not undertake to publicly update or revise the forward-looking statements even if experience or future changes make it clear that the projected results expressed or implied therein will not be realized. The Company is not responsible for any changes made to this press release by wire or Internet services.THE CATO CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE PERIODS ENDED MAY 2, 2026 AND MAY 3, 2025
(Dollars in thousands, except per share data)
Quarter Ended
May 2,%
May 3,%
2026Sales
2025Sales
REVENUES
Retail sales$169,410100.0 %
$168,419100.0 % Other revenue (principally finance,
late fees and layaway charges)
1,6941.0 %
1,8231.1 %
Total revenues
171,104101.0 %
170,242101.1 %
GROSS MARGIN (Memo)
63,07037.2 %
59,10135.1 %
COSTS AND EXPENSES, NET
Cost of goods sold
106,34062.8 %
109,31864.9 % Selling, general and administrative
53,93031.8 %
55,32532.8 % Depreciation
2,2361.3 %
2,5641.5 % Interest and other income
(1,233)-0.7 %
(1,202)-0.7 %
Costs and expenses, net
161,27395.2 %
166,00598.6 %
Income Before Income Taxes
9,8315.8 %
4,2372.5 %
Income Tax Expense
5220.3 %
9280.6 %
Net Income$9,3095.5 %
$3,3092.0 %
Basic Earnings Per Share$0.47
$0.17
Diluted Earnings Per Share$0.47
$0.17
THE CATO CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
May 2,
January 31,
2026
2026
(Unaudited)
(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents$25,412
$16,788 Short-term investments
55,558
56,859 Restricted cash
2,675
2,675 Accounts receivable - net
33,159
25,462 Merchandise inventories
92,490
83,696 Other current assets
7,928
7,787
Total Current Assets
217,222
193,267
Property and Equipment - net
52,504
53,748
Other Assets
20,720
20,471
Right-of-Use Assets, net
148,734
153,933
TOTAL$439,180
$421,419
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities$116,130
$102,385
Current Lease Liability
52,088
53,507
Noncurrent Liabilities
11,318
11,272
Lease Liability
92,939
96,941
Stockholders' Equity
166,705
157,314
TOTAL$439,180
$421,419 View original content:https://www.prnewswire.com/news-releases/cato-reports-1q-earnings-302778531.htmlSOURCE The Cato Corporation Original: CATO REPORTS 1Q EARNINGS
US Market News
3月前
CATO REPORTS 4Q AND FULL YEAR LOSSMarch 19, 2026 7:00 AM
PR Newswire (US)
CHARLOTTE, N.C., March 19, 2026 /PRNewswire/ -- The Cato Corporation (NYSE: CATO) today reported a net loss of ($10.7) million or ($0.55) per diluted share for the fourth quarter ended January 31, 2026, compared to a net loss of ($14.1) million or ($0.74) per diluted share for the fourth quarter ended February 1, 2025. Full-year fiscal 2025 net loss was ($5.9) million or ($0.31) per diluted share compared to a net loss of ($18.1) million or ($0.97) per diluted share for 2024.Sales for the fourth quarter ended January 31, 2026 were $150.0 million, a decrease of 3.4% from sales of $155.3 million for the fourth quarter ended February 1, 2025. Same-store sales for the fourth quarter were flat compared to 2024. For the year, the Company's sales increased 0.7% to $646.8 million from 2024 sales of $642.1 million. Year-to-date same-store sales increased 4% compared to 2024."Compared to 2024, our fiscal 2025 sales trend was encouraging although 2024 was negatively impacted by supply chain interruptions which caused late merchandise to our stores, as well as more severe weather events including three hurricanes," said John Cato, Chairman, President, and Chief Executive Officer. "During 2025 we continued to focus on improving our merchandise offering, serving the customer, controlling expenses, and leveraging the investments in our store and distribution center technologies."Fourth-quarter gross margin increased from 28.0% of sales in 2024 to 29.2% of sales in 2025 primarily due to decreases in payroll and occupancy costs, partially offset by higher sales of markdown product. Selling, general and administrative (SG&A) expenses decreased $1.9 million in the quarter. SG&A as a percent of sales increased slightly from 37.8% in 2024 to 37.9% in 2025 during the quarter. Income tax benefit for the quarter was $1.1 million compared to expense of $0.3 million last year.For the full year 2025, gross margin increased from 32.0% of sales in 2024 to 33.3% of sales in 2025. This increase was in part due to lower payroll, distribution, and freight costs, partially offset by higher sales of markdown product. SG&A expenses decreased to 35.0% of sales in 2025 compared to 36.0% of sales in 2024. The SG&A decrease was primarily due to lower payroll costs, closed store, and impairment expenses. For the year, SG&A expenses decreased $5.0 million. Income tax benefit for the year was $1.6 million compared to expense of $1.9 million last year."As we look ahead to 2026, we are focused on improving our merchandise assortment including new product offerings, leveraging our investments in technology, especially in our stores and the distribution center, while continuing to provide excellent customer service," stated Mr. Cato. "Our 2026 outlook is tempered by the current economic uncertainties and continued pressure on our customers' disposable income."During 2025, the Company closed 48 stores. As of January 31, 2026, the Company operated 1,069 stores in 31 states, compared to 1,117 stores in 31 states as of February 1, 2025. During 2026, the Company plans to open up to 10 new stores and close up to 40 underperforming stores as leases expire. These store closings are anticipated to have minimal financial impact.The Cato Corporation is a leading specialty retailer of value-priced fashion apparel and accessories operating three concepts, "Cato," "Versona" and "It's Fashion." The Company's Cato stores offer exclusive merchandise with fashion and quality comparable to mall specialty stores at low prices every day. The Company also offers exclusive merchandise found in its Cato stores at www.catofashions.com. Versona is a unique fashion destination offering apparel and accessories including jewelry, handbags, and shoes at exceptional prices every day. Select Versona merchandise can also be found at www.shopversona.com. It's Fashion offers fashion with a focus on the latest trendy styles for the entire family at low prices every day.Statements in this press release that express a belief, expectation or intention, as well as those that are not a historical fact, including, without limitation, statements regarding the Company's expected or estimated operational financial results, activities or opportunities, and potential impacts and effects of events, risks or contingencies are considered "forward-looking" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations that are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contemplated by the forward-looking statements. Such factors include, but are not limited to, any actual or perceived deterioration in the conditions that drive consumer confidence and spending, including, but not limited to, prevailing social, economic, political and public health conditions and uncertainties, levels of unemployment, fuel, energy and food costs, inflation, wage rates, tax rates, interest rates, home values, consumer net worth and the availability of credit; changes in laws or regulations affecting our business, including but not limited to tariffs and taxes; uncertainties regarding the impact of any governmental action regarding, or responses to, the foregoing conditions; competitive factors and pricing pressures; our ability to predict and respond to rapidly changing fashion trends and consumer demands; our ability to open new stores in attractive locations and the ability of any such new stores to grow and perform as expected; underperformance or other factors that may lead to a continuation or acceleration of store closures and negative affect on the Company's profitability; adverse weather, public health threats, acts of war or aggression or similar conditions that may affect our sales or operations; inventory risks due to shifts in market demand, including the ability to liquidate excess inventory at anticipated margins; and other factors discussed under "Risk Factors" in Part I, Item 1A of the Company's most recently filed annual report on Form 10-K and in other reports the Company files with or furnishes to the SEC from time to time. The Company does not undertake to publicly update or revise the forward-looking statements even if experience or future changes make it clear that the projected results expressed or implied therein will not be realized. The Company is not responsible for any changes made to this press release by wire or Internet services. THE CATO CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)
FOR THE PERIODS ENDED JANUARY 31, 2026 AND FEBRUARY 1, 2025
(Dollars in thousands, except per share data)
Quarter Ended
Twelve Months Ended
January 31,%
February 1,%
January 31,%
February 1,%
2026Sales
2025Sales
2026Sales
2025Sales
REVENUES
Retail sales$150,019100.0 %
$155,292100.0 %
$646,830100.0 %
$642,140100.0 % Other revenue (principally finance,
late fees and layaway charges)
1,6401.1 %
2,6171.7 %
6,9821.1 %
7,6661.2 %
Total revenues
151,659101.1 %
157,909101.7 %
653,812101.1 %
649,806101.2 %
GROSS MARGIN (Memo)
43,77029.2 %
43,43428.0 %
215,27933.3 %
205,70032.0 %
COSTS AND EXPENSES, NET
Cost of goods sold
106,24970.8 %
111,85872.0 %
431,55166.7 %
436,44068.0 % Selling, general and administrative
56,79237.9 %
58,68037.8 %
226,46235.0 %
231,48936.0 % Depreciation
2,4541.6 %
2,7111.7 %
9,9861.5 %
9,8171.5 % Interest and other income
(1,912)-1.3 %
(1,618)-1.0 %
(6,687)-1.0 %
(11,827)-1.8 %
Costs and expenses, net
163,583109.0 %
171,631110.5 %
661,312102.2 %
665,919103.7 %
Loss Before Income Taxes
(11,924)-7.9 %
(13,722)-8.8 %
(7,500)-1.2 %
(16,113)-2.5 %
Income Tax (Benefit) Expense
(1,063)-0.7 %
3300.2 %
(1,591)-0.2 %
1,9440.3 %
Net Loss$(10,861)-7.2 %
$(14,052)-9.0 %
$(5,909)-0.9 %
$(18,057)-2.8 %
Basic Loss Per Share$(0.55)
$(0.74)
$(0.31)
$(0.97)
Diluted Loss Per Share$(0.55)
$(0.74)
$(0.31)
$(0.97)
THE CATO CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
January 31,
February 1,
2026
2025
(Unaudited)
(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents$16,788
$20,279 Short-term investments
56,859
57,423 Restricted cash
2,675
2,799 Accounts receivable - net
25,462
24,540 Merchandise inventories
83,696
110,739 Other current assets
7,787
7,406
Total Current Assets
193,267
223,186
Property and Equipment - net
53,748
60,326
Other Assets
20,471
19,979
Right-of-Use Assets, net
153,933
148,870
TOTAL$421,419
$452,361
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities$102,385
$130,684
Current Lease Liability
53,507
57,555
Noncurrent Liabilities
11,272
13,485
Lease Liability
96,941
88,341
Stockholders' Equity
157,314
162,296
TOTAL$421,419
$452,361
View original content:https://www.prnewswire.com/news-releases/cato-reports-4q-and-full-year-loss-302718113.htmlSOURCE The Cato Corporation
Original: CATO REPORTS 4Q AND FULL YEAR LOSS