After dressing for success, Cato sheds some shares.
Position | Cato Corp. |
The folks at Cato Corp., the Charlotte-based apparel retailer, are again proving to be excellent market timers.
From June 1993 through April 14, founder and Chairman Wayland Cato filed to sell 390,000 shares, while 10 other officers or directors sold a combined 88,000 shares, SEC records show. Most of the selling occurred in November and December, when Cato shares went for $20 to $23.
Only one officer or director, Vice President Howard Severson, bought stock during that period, 500 shares July 8. He sold 2,361 shares in March -- before Cato announced April 11 that first-quarter earnings would be lower than expected. The news sent the stock reeling, down to $9.50, well below its $24.38 peak last year.
Interstate/Johnson Lane analyst Kenneth Smith blames Cato's problems on weak demand for dressy sportswear and larger-than-expected markdowns. Still, Cato remains on target to achieve a 20% annual increase in net income, Treasurer Hollis Scott says.
Heavy insider selling is almost a tradition in...
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