CATO CORP 10-K

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities: Market & Dividend Information The Company’s Class A Common Stock trades on the New York Stock Exchange (“NYSE”) under the symbol CATO. As of March 29, 2021, the approximate number of record holders of the Company’s Class A Common Stock was 5,000 and there were 2 record holders of the Company’s Class B Common Stock. 24 Stock Performance Graph The following graph compares the yearly change in the Company’s cumulative total shareholder return on the Company’s Common Stock (which includes Class A Stock and Class B Stock) for each of the Company’s last five fiscal years with (i) the Dow Jones U.S. Retailers, Apparel Index and (ii) the Russell 2000 Index. THE CATO CORPORATION STOCK PERFOMANCE TABLE (BASE 100 – IN DOLLARS) LAST TRADING DAY OF THE FISCAL YEAR THE CATO CORPORATION DOW JONES U.S. RETAILERS, APPL INDEX RUSSELL 2000 INDEX 1/29/2016 100 100 100 1/27/2017 65 99 134 2/2/2018 33 112 156 2/1/2019 45 122 151 1/31/2020 53 136 165 1/29/2021 38 145 215 The graph assumes an initial investment of $100 on January 29, 2016, the last trading day prior to the commencement of the Company’s 2016 fiscal year, and that all dividends were reinvested. 25 Issuer Purchases of Equity Securities The following table summarizes the Company’s purchases of its common stock for the three months ended January 30, 2021: Total Number of Maximum Number Shares Purchased as (or Approximate Dollar Total Number Part of Publicly Value) of Shares that may of Shares Average Price Announced Plans or yet be Purchased Under Period Purchased Paid per Share (1) Programs (2) the Plans or Programs (2) November 2020 320,707 $ 7.09 320,707 December 2020 - - - January 2021 - - - Total 320,707 $ 7.09 320,707 1,871,149 (1) Prices include trading costs. (2) During the fourth quarter ended January 30, 2021, the Company repurchased and retired 320,707 shares under this program for approximately $2,274,611 or an average market price of $7.09 per share. On November 19, 2020, the Board of Directors authorized an increase in the Company’s share repurchase program of 1.5 million shares. As of the fourth quarter ended January 30, 2021, the Company had 1,871,149 shares remaining in open authorizations. There is no specified expiration date for the Company’s repurchase program. 26 Item 6. Selected Financial Data : Certain selected financial data for the five fiscal years ended January 30, 2021 have been derived from the Company’s audited financial statements. The financial statements and Independent Registered Public Accounting Firm’s integrated audit reports for the most recent fiscal years are contained elsewhere in this report. All data set forth below are qualified by reference to, and should be read in conjunction with, the Company’s Consolidated Financial Statements (including the Notes thereto) and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” appearing elsewhere in this annual report. Fiscal Year (1) 2020 2019 2018 2017 2016 (Dollars in thousands, except per share data and selected operating data) STATEMENT OF OPERATIONS DATA: Retail sales $567,516 $816,184 $821,113 $841,997 $947,370 Other revenue 7,595 9,151 8,551 7,984 9,199 Total revenues 575,111 825,335 829,664 849,981 956,569 Cost of goods sold (exclusive of depreciation shown below) 433,187 508,906 522,535 553,058 601,985 Selling, general and administrative (exclusive of depreciation shown below) 206,492 263,773 262,510 266,304 289,619 Selling, general and administrative percent of retail sales 36.4% 32.3% 32.0% 31.6% 30.6% Depreciation $14,681 $15,485 $16,463 $19,643 $22,716 Interest expense 187 29 96 114 176 Interest and other income 6,630 6,065 4,991 5,111 7,041 Income (loss) before income taxes (72,806) 43,207 33,051 15,973 49,114 Income tax expense (benefit) (25,323) 7,310 2,590 7,433 1,902 Net income (loss) (47,483) 35,897 30,461 8,540 47,212 Basic earnings (loss) per share (2.01) 1.46 1.23 0.34 1.72 Diluted earnings (loss) per share (2.01) 1.46 1.23 0.34 1.72 Cash dividends paid per share 0.33 1.32 1.32 1.32 1.29 SELECTED OPERATING DATA: Stores open at end of year 1,330 1,281 1,311 1,351 1,371 Average sales per store (2) $370,420 $575,000 $596,000 $604,880 $681,000 Average sales per square foot of selling space 89 136 133 135 151 BALANCE SHEET DATA (at period end): Cash, cash equivalents, short-term investments and restricted cash $147,438 $214,788 $207,920 $200,100 $252,158 Working capital (3)(4) 108,616 163,495 229,502 233,399 271,896 Total assets (4) 591,452 684,976 497,906 516,076 606,324 Total stockholders’ equity 246,498 316,514 316,836 326,353 383,903 ___________ (1) The fiscal year 2017 contained 53 weeks versus 52 weeks for all other years shown. (2) Calculated using actual sales volume for stores open for the full year and an estimated annual sales volume for new stores opened during the year. (3) Calculated using Total Current Assets offset by Total Current Liabilities. (4) In 2019, we adopted ASC 842, which required us to recognize lease assets and lease liabilities for most leases. Years before 2019 have not been adjusted for this new accounting standard. 27