Form 10-Q - Quarterly report [Sections 13 or 15(d)]

Share Name	Share Symbol	Market	Type
Cato Corp	NYSE:CATO	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.00	0.00%	3.17				2	09:00:00

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.

20549

FORM

10-Q

☑

QUARTERLY REPORT PURSUANT

TO SECTION

13 OR 15(d)

OF THE SECURITIES

EXCHANGE

ACT OF

1934

For the quarterly period ended

November 2, 2024

☐

TRANSITION

REPORT PURSUANT

TO SECTION

13 OR 15(d)

OF THE SECURITIES

EXCHANGE

ACT OF

1934

For the transition period from ________________to__________________

Commission file number

1-31340

THE CATO CORPORATION

(Exact name of registrant as specified in its

charter)

Delaware

56-0484485

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

8100 Denmark Road

Charlotte

North Carolina

28273-5975

(Address of principal executive offices)

(Zip Code)

(704)

554-8510

(Registrant's telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if

changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A - Common Stock, par value $.033 per share

CATO

New York Stock Exchange

Indicate

by check

mark

whether

the

registrant

(1)

has

filed

all

reports

required

filed

by Section

15(d)

the

Securities

Exchange Act of 1934

during the preceding 12

months (or for such shorter

period that the registrant

was required to file such

reports),

and (2) has been subject to such filing requirements for the past 90 days.

Yes

Indicate

check

mark

whether

the

registrant

has

submitted

electronically

every

Interactive

Data

File

required

submitted

pursuant to Rule

405 of Regulation

S-T (§232.405

of this chapter)

during the preceding

12 months (or

for such shorter

period that the

registrant was required to submit such files).

Yes

Indicate by

check mark

whether the

registrant is

a large

accelerated filer,

an accelerated

filer, a

non-accelerated filer,

a smaller

reporting

company,

emerging

growth

company.

See

the

definitions

“large

accelerated

filer,”

“accelerated

filer,”

“smaller

reporting

company,” and “emerging growth

company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☑

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

emerging

growth

company,

indicate

check

mark

the

registrant

has

elected

not

use

the

extended

transition

period

for

complying with any new or revised financial accounting standards provided

pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b

-2 of the Exchange Act). Yes

☐

☒

November

2024,

there

were

18,774,124

Class A

common

stock

and

1,763,652

Class B

common

stock

outstanding.

THE CATO CORPORATION

FORM 10-Q

Quarter Ended November 2, 2024

Table

of Contents

Page No.

PART

I – FINANCIAL INFORMATION

(UNAUDITED)

Item 1.

Financial Statements (Unaudited):

Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

For the Three Months and Nine Months Ended November

2, 2024 and October 28,

2023

Condensed Consolidated Balance Sheets

At November 2, 2024 and February 3, 2024

Condensed Consolidated Statements of Cash Flows

For the Nine Months Ended November 2, 2024 and

October 28, 2023

Condensed Consolidated Statements of Stockholders’ Equity

5 – 6

For the Three Months and Nine Months Ended November

2, 2024 and October 28,

2023

Notes to Condensed Consolidated Financial Statements

7 – 21

For the Three Months and Nine Months Ended November

2, 2024 and October 28,

2023

Item 2.

Management’s Discussion and Analysis

of Financial Condition and

Results of Operations

22 – 29

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

PART

II – OTHER INFORMATION

Item 1.

Legal Proceedings

Item 1A.

Risk Factors

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

Item 5.

Other Information

Item 6.

Exhibits

Signatures

PART

I FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

THE CATO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS

OF INCOME (LOSS) AND

COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

Three Months Ended

Nine Months Ended

November 2,

2024

October 28,

2023

November 2,

2024

October 28,

2023

(Dollars in thousands, except per share data)

REVENUES

Retail sales

144,642

156,682

486,848

528,174

Other revenue (principally finance charges, late fees and

layaway charges)

1,528

1,574

5,049

5,003

Total revenues

146,170

158,256

491,897

533,177

COSTS AND EXPENSES, NET

Cost of goods sold (exclusive of depreciation shown

below)

102,955

105,832

324,582

345,536

Selling, general and administrative (exclusive of

depreciation

shown below)

57,876

61,792

172,809

185,344

Depreciation

2,737

2,504

7,106

7,371

Interest and other income

(2,646)

(1,523)

(10,209)

(3,754)

Costs and expenses, net

160,922

168,605

494,288

534,497

Loss before income taxes

(14,752)

(10,349)

(2,391)

(1,320)

Income tax (benefit) expense

322

(4,272)

1,614

(797)

Net loss

(15,074)

(6,077)

(4,005)

(523)

Basic loss per share

(0.79)

(0.30)

(0.24)

(0.02)

Diluted loss per share

(0.79)

(0.30)

(0.24)

(0.02)

Comprehensive income:

Net loss

(15,074)

(6,077)

(4,005)

(523)

Unrealized gain (loss) on available-for-sale securities, net of

deferred income taxes of $

and $

217

for

the three and nine months ended October 28, 2023,

respectively

(151)

201

(223)

723

Comprehensive income (loss)

(15,225)

(5,876)

(4,228)

200

See notes to condensed consolidated financial statements (unaudited).

THE CATO CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

November 2, 2024

February 3, 2024

ASSETS

(Dollars in thousands)

Current Assets:

Cash and cash equivalents

20,216

23,940

Short-term investments

65,994

79,012

Restricted cash

3,355

3,973

Accounts receivable, net of allowance for customer credit losses of

670

and $

705

at November 2, 2024 and February 3, 2024, respectively

24,776

29,751

Merchandise inventories

107,159

98,603

Prepaid expenses and other current assets

8,705

7,783

Total Current Assets

230,205

243,062

Property and equipment – net

62,648

64,022

Other assets

19,783

25,047

Right-of-Use assets – net

111,769

154,686

Total Assets

424,405

486,817

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:

Accounts payable

84,169

87,821

Accrued expenses

38,158

37,404

Accrued employee benefits and bonus

1,370

1,675

Current lease liability

45,836

61,108

Total Current Liabilities

169,533

188,008

Other noncurrent liabilities

14,555

14,475

Lease liability

63,218

92,013

Stockholders' Equity:

Preferred stock, $

100

par value per share,

100,000

authorized,

none

issued

Class A common stock, $

0.033

par value per share,

50,000,000

shares authorized;

18,774,124

shares and

18,802,742

issued at November 2, 2024 and February 3, 2024, respectively

634

635

Convertible Class B common stock, $

0.033

par value per share,

15,000,000

shares authorized;

1,763,652

issued at November 2, 2024 and February 3, 2024

Additional paid-in capital

128,827

126,953

Retained earnings

47,407

64,279

Accumulated other comprehensive income

172

395

Total Stockholders' Equity

177,099

192,321

Total Liabilities and Stockholders' Equity

424,405

486,817

See notes to condensed consolidated financial statements (unaudited).

THE CATO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS

OF CASH FLOWS

(UNAUDITED)

Nine Months Ended

November 2, 2024

October 28, 2023

(Dollars in thousands)

Operating Activities:

Net loss

(4,005)

(523)

Adjustments to reconcile net loss to net cash (used in) provided

by operating activities:

Depreciation

7,106

7,371

Provision for customer credit losses

492

397

Purchase premium and discount accretion of investments

(848)

(226)

Gain on sale of assets held for investment

(5,350)

Share-based compensation

1,581

3,189

Deferred income taxes

(1,981)

Loss on disposal of property and equipment

116

Changes in operating assets and liabilities which provided

(used) cash:

Accounts receivable

1,283

(1,815)

Merchandise inventories

(8,556)

13,184

Prepaid and other assets

(1,315)

(1,716)

Operating lease right-of-use assets and liabilities

(1,151)

(1,499)

Accrued income taxes

1,375

Accounts payable, accrued expenses and other liabilities

(2,619)

(6,099)

Net cash (used in) provided by operating activities

(13,266)

11,670

Investing Activities:

Expenditures for property and equipment

(6,509)

(10,271)

Purchase of short-term investments

(38,659)

(44,595)

Sales of short-term investments

52,994

60,999

Sales of other assets

13,674

Net cash provided by investing activities

21,500

6,133

Financing Activities:

Dividends paid

(10,516)

(10,457)

Repurchase of common stock

(2,398)

(2,563)

Proceeds from employee stock purchase plan

338

357

Net cash used in financing activities

(12,576)

(12,663)

Net (decrease) increase in cash, cash equivalents, and restricted cash

(4,342)

5,140

Cash, cash equivalents, and restricted cash at beginning of period

27,913

23,792

Cash, cash equivalents, and restricted cash at end of period

23,571

28,932

Non-cash activity:

Accrued other assets and property and equipment expenditures

440

1,100

See notes to condensed consolidated financial statements (unaudited).

THE CATO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS

OF STOCKHOLDERS’ EQUITY

(UNAUDITED)

Accumulated

Additional

Other

Total

Common

Paid-in

Retained

Comprehensive

Stockholders'

Stock

Capital

Earnings

Income

Equity

(Dollars in thousands, except per share data)

Balance — February 3, 2024

694

126,953

64,279

395

192,321

Comprehensive income:

Net income

10,974

Unrealized net losses on available-for-sale securities, net of

deferred income tax expense of $0

(748)

Dividends paid ($

0.17

per share)

(3,523)

Class A common stock sold through employee stock purchase

plan

189

190

Share-based compensation issuances and exercises

Share-based compensation expense

(84)

Repurchase and retirement of treasury shares

(14)

(2,223)

(2,237)

Balance — May 4, 2024

694

127,058

69,512

(353)

196,911

Comprehensive income:

Net income

Unrealized net gains on available-for-sale securities, net of

deferred income tax expense of $0

676

Dividends paid ($

0.17

per share)

(3,527)

Class A common stock sold through employee stock purchase

plan

Share-based compensation expense

858

872

Balance — August 3, 2024

694

127,951

66,094

323

195,062

Comprehensive income:

Net loss

(15,074)

Unrealized net losses on available-for-sale securities, net of

deferred income tax expense of $0

(151)

Dividends paid ($

0.17

per share)

(3,466)

Class A common stock sold through employee stock purchase

plan

172

173

Share-based compensation expense

(1)

704

714

Repurchase and retirement of treasury shares

(1)

(158)

(159)

Balance — November 2, 2024

693

128,827

47,407

172

177,099

See notes to condensed consolidated financial statements (unaudited).

THE CATO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS

OF STOCKHOLDERS’ EQUITY

(UNAUDITED)

Accumulated

Additional

Other

Total

Common

Paid-in

Retained

Comprehensive

Stockholders'

Stock

Capital

Earnings

Income

Equity

(Dollars in thousands, except per share data)

Balance — January 28, 2023

691

122,431

104,709

(1,238)

226,593

Comprehensive income:

Net income

4,428

Unrealized net gains on available-for-sale securities, net of

deferred income tax expense of $

107

355

Dividends paid ($

0.17

per share)

(3,455)

Class A common stock sold through employee stock purchase

plan

195

Share-based compensation issuances and exercises

Share-based compensation expense

929

Repurchase and retirement of treasury shares

(8)

(2,259)

(2,267)

Balance — April 29, 2023

683

123,555

103,426

(883)

226,781

Comprehensive income:

Net income

1,127

Unrealized net gains on available-for-sale securities, net of

deferred income tax expense of $

167

Dividends paid ($

0.17

per share)

(3,507)

Class A common stock sold through employee stock purchase

plan

Share-based compensation expense

1,212

1,227

Repurchase and retirement of treasury shares

(1)

(293)

(294)

Balance — July 29, 2023

695

124,798

100,756

(716)

225,533

Comprehensive income:

Net loss

(6,077)

Unrealized net gains on available-for-sale securities, net of

deferred income tax expense of $

201

Dividends paid ($

0.17

per share)

(3,495)

Class A common stock sold through employee stock purchase

plan

188

189

Share-based compensation expense

(1)

963

967

Balance — October 28, 2023

695

125,949

91,189

(515)

217,318

See notes to condensed consolidated financial statements (unaudited).

THE CATO CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

FOR THE THREE MONTHS AND NINE MONTHS ENDED

NOVEMBER 2, 2024 AND

OCTOBER 28, 2023

NOTE 1 - GENERAL

The

condensed

consolidated

financial

statements

November

2024

and

for

the

three

and

nine

months ended

November 2, 2024

and October 28,

2023 have been

prepared from the

accounting records

of The Cato

Corporation and its wholly-owned subsidiaries

(the “Company”), and all

amounts shown are

unaudited.

In the opinion of management, all adjustments considered necessary for a fair statement of the

financial statements

have been

included.

All such

adjustments

are

normal, recurring

nature

unless

otherwise noted.

The results

of the

interim period

may not

be indicative

of the

results expected

for the

entire year.

The interim financial

statements should be read

in conjunction with

the consolidated financial statements

and

notes

thereto,

included

the

Company’s

Annual

Report

Form

10-K

for

the

fiscal

year

ended

February 3, 2024.

Amounts as of February 3, 2024 have been derived from the audited balance sheet, but

do not include all disclosures required by

accounting principles generally accepted in the United States of

America.

On February 16, 2024, the Company closed on the sale of land held for investment.

The sale resulted in a

net gain

of $

3.2

million and

was included

in Interest

and other

income in

the accompanying

Condensed

Consolidated Statements of Income

(Loss) and Comprehensive

Income (Loss) for

the nine months

ended

November 2, 2024.

During the current quarter of the fiscal year,

the Company received $

8.6

million from the insurance claim

settlement and sale of its corporate jet.

THE CATO CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

FOR THE THREE MONTHS AND NINE MONTHS ENDED

NOVEMBER 2, 2024 AND

OCTOBER 28, 2023

NOTE 2 - EARNINGS PER SHARE:

Accounting Standard Codification (“ASC”) 260 –

Earnings Per Share

requires dual presentation of basic and

diluted Earnings Per Share

(“EPS”) on the face of

all income statements for

all entities with complex

capital

structures.

The Company has presented one basic EPS and one diluted EPS amount for all common shares in

the accompanying Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss).

While

the

Company’s

certificate

incorporation

provides

the

right

for

the

Board

Directors

declare

dividends on Class A shares without declaration of commensurate dividends on Class B shares, the Company

has historically paid the same dividends to both Class A and Class B shareholders

and the Board of Directors

has resolved to continue this

practice.

Accordingly, the Company’s allocation

of income for purposes

of the

EPS

computation

the

same

for

Class

and

Class

and

the

EPS

amounts

reported

herein

are

applicable to both Class A and Class

B shares.

Basic EPS

is computed

as net

income (loss)

less earnings

allocated to

non-vested equity

awards divided

the

weighted

average

number

common

outstanding

for

the

period.

Diluted

EPS

reflects

the

potential

dilution

that

could

occur

from

common

issuable

through

stock

options

and

the

Employee

Stock Purchase Plan.

Three Months Ended

Nine Months Ended

November 2,

2024

October 28,

2023

November 2,

2024

October 28,

2023

(Dollars in thousands, except per share data)

Numerator

Net loss

(15,074)

(6,077)

(4,005)

(523)

Earnings (loss) allocated to non-vested equity awards

(200)

346

(548)

Net loss available to common stockholders

(15,274)

(5,731)

(4,553)

(474)

Denominator

Basic weighted average common shares outstanding

19,302,107

19,421,701

19,318,794

19,373,411

Diluted weighted average common shares outstanding

19,302,107

19,421,701

19,318,794

19,373,411

Net loss per common share

Basic loss per share

(0.79)

(0.30)

(0.24)

(0.02)

Diluted loss per share

(0.79)

(0.30)

(0.24)

(0.02)

THE CATO CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

FOR THE THREE MONTHS AND NINE MONTHS ENDED

NOVEMBER 2, 2024 AND

OCTOBER 28, 2023

NOTE 3 – ACCUMULATED OTHER COMPREHENSIVE INCOME:

The

following

table

sets

forth

information

regarding

the

reclassification

out

Accumulated

other

comprehensive income (in thousands) for the

three months ended November 2, 2024:

Changes in Accumulated Other

Comprehensive Income (a)

Unrealized Gains

and (Losses) on

Available-for-Sale

Securities

Beginning Balance at August 3, 2024

323

Other comprehensive income (loss) before

reclassification

(151)

Amounts reclassified from accumulated

other comprehensive income to net income

Net current-period other comprehensive income (loss)

(151)

Ending Balance at November 2, 2024

172

(a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to accumulated other comprehensive income.

The

following

table

sets

forth

information

regarding

the

reclassification

out

Accumulated

other

comprehensive income (in thousands) for the

nine months ended November 2, 2024:

Changes in Accumulated Other

Comprehensive Income (a)

Unrealized Gains

and (Losses) on

Available-for-Sale

Securities

Beginning Balance at February 3, 2024

395

Other comprehensive income (loss) before

reclassification

563

Amounts reclassified from accumulated

other comprehensive income to net income (b)

(786)

Net current-period other comprehensive income (loss)

(223)

Ending Balance at November 2, 2024

172

(a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to accumulated other comprehensive income.

(b) Includes

$1,022

impact of Accumulated other comprehensive income reclassifications into Interest and other

income for net realized gains on available-for-sale securities. The tax impact of this reclassification was $

236

THE CATO CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

FOR THE THREE MONTHS AND NINE MONTHS ENDED

NOVEMBER 2, 2024 AND

OCTOBER 28, 2023

NOTE 3 – ACCUMULATED OTHER COMPREHENSIVE INCOME

(CONTINUED):

The

following

table

sets

forth

information

regarding

the

reclassification

out

Accumulated

other

comprehensive income (in thousands) for the

three months ended October 28, 2023:

Changes in Accumulated Other

Comprehensive Income (a)

Unrealized Gains

and (Losses) on

Available-for-Sale

Securities

Beginning Balance at July 29, 2023

(716)

Other comprehensive income (loss) before

reclassification

185

Amounts reclassified from accumulated

other comprehensive income to net income (b)

Net current-period other comprehensive income (loss)

201

Ending Balance at October 28, 2023

(515)

(a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to accumulated other comprehensive income.

(b) Includes $

impact of Accumulated other comprehensive income reclassifications into Interest and other

income for net realized gains on available-for-sale securities. The tax impact of this reclassification was $

The

following

table

sets

forth

information

regarding

the

reclassification

out

Accumulated

other

comprehensive income (in thousands) for the

nine months ended October 28, 2023:

Changes in Accumulated Other

Comprehensive Income (a)

Unrealized Gains

and (Losses) on

Available-for-Sale

Securities

Beginning Balance at January 28, 2023

(1,238)

Other comprehensive income (loss) before

reclassification

704

Amounts reclassified from accumulated

other comprehensive income to net income (b)

Net current-period other comprehensive income (loss)

723

Ending Balance at October 28, 2023

(515)

(a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to accumulated other comprehensive income.

(b) Includes $

impact of Accumulated other comprehensive income reclassifications into Interest and other

income for net realized gains on available-for-sale securities. The tax impact of this reclassification was $

THE CATO CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

FOR THE THREE MONTHS AND NINE MONTHS ENDED

NOVEMBER 2, 2024 AND

OCTOBER 28, 2023

NOTE 4 – FINANCING ARRANGEMENTS:

At November 2,

2024, the Company had

a revolving credit agreement,

which provides for borrowings of

to $

35.0

million, less

the balance

of any

revocable letters

of credit

related to

purchase commitments,

and is

committed

through

May

2027.

The

credit

agreement

contains

various

financial

covenants

and

limitations,

including

the

maintenance

specific

financial

ratios.

April

25,

2024,

the

Company

amended

the

revolving credit

agreement to

modify a

definition used

in calculating

the Company’s

minimum EBITDAR

coverage

ratio

add

back

certain

income

tax

receivables

included

the

calculation

the

ratio.

November 1, 2024, the Company

amended the revolving credit agreement

to lower the minimum EBITDAR

coverage

ratio

and

the

corresponding

minimum

cash

and

investments

used

determine

the

EBITDAR

coverage ratio in exchange

for a secured position

in any future borrowings.

For the quarter ended

November

2, 2024,

after giving

effect to

the amendments,

the Company

was in

compliance with

the credit

agreement.

There

were

borrowings

outstanding,

any

outstanding

letters

credit

that

reduced

borrowing

availability, as of November 2, 2024.

The weighted average interest rate under

the credit facility was

zero

November 2, 2024 due to

outstanding borrowings.

NOTE 5 – REPORTABLE SEGMENT INFORMATION:

The

Company

has

determined

that

has

four

operating

segments,

defined

under

ASC

280

–

Segment

Reporting

, including Cato,

It’s Fashion, Versona

and Credit.

As outlined in

ASC 280-10, the Company

has

two

reportable segments: Retail and Credit.

The Company has aggregated its

three

retail operating segments,

including

e-commerce,

based

on the

aggregation

criteria

outlined in

ASC

280-10, which

states that

two

more operating segments may be aggregated into a single reportable segment if aggregation is consistent with

the

objective

and

basic

principles

ASC

280-10,

which

require

the

segments

have

similar

economic

characteristics, products, production processes, clients and

methods of distribution.

The

Company’s

retail

operating

segments

have

similar

economic

characteristics

and

similar

operating,

financial and

competitive risks.

The products

sold in each

retail operating

segment are

similar in

nature, as

they

all

offer

women’s

apparel,

shoes

and

accessories.

Merchandise

inventory

the

Company’s

retail

operating

segments

sourced

from

the

same

countries

and

some

the

same

vendors,

using

similar

production processes.

Merchandise for the Company’s retail operating segments is distributed to retail stores

in a similar manner through

the Company’s single distribution center and is

subsequently sold to customers in

a similar

manner.

The Company

operates

its women’s

fashion specialty

retail stores

states as

November 2,

2024,

principally in the southeastern United States. The Company offers its own credit card to its customers and

all

credit

authorizations,

payment

processing

and

collection

efforts

are

performed

separate

wholly-

owned subsidiaries of the Company.

THE CATO CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

FOR THE THREE MONTHS AND NINE MONTHS ENDED

NOVEMBER 2, 2024 AND

OCTOBER 28, 2023

NOTE 5 – REPORTABLE SEGMENT INFORMATION

(CONTINUED):

The following schedule summarizes certain segment

information (in thousands):

Three Months Ended

Nine Months Ended

November 2, 2024

Retail

Credit

Total

November 2, 2024

Retail

Credit

Total

Revenues

$145,508

$662

$146,170

Revenues

$489,893

$2,004

$491,897

Depreciation

2,737

Depreciation

7,105

7,106

Interest and other income

(2,646)

Interest and other income

(10,209)

Income (loss) before

income taxes

(14,992)

240

(14,752)

Income (loss) before

income taxes

(3,132)

741

(2,391)

Capital expenditures

1,710

Capital expenditures

6,509

Three Months Ended

Nine Months Ended

October 28, 2023

Retail

Credit

Total

October 28, 2023

Retail

Credit

Total

Revenues

$157,595

$661

$158,256

Revenues

$531,243

$1,934

$533,177

Depreciation

2,504

Depreciation

7,370

7,371

Interest and other income

(1,523)

Interest and other income

(3,754)

Income (loss) before

income taxes

(10,604)

255

(10,349)

Income (loss) before

income taxes

(2,014)

694

(1,320)

Capital expenditures

1,801

Capital expenditures

10,271

Retail

Credit

Total

Total assets as of November 2, 2024

$386,664

$37,741

$424,405

Total assets as of February 3, 2024

448,488

38,329

486,817

The Company evaluates segment performance based on

income before income taxes.

The Company does not

allocate certain corporate expenses or

income taxes to the credit segment.

The following schedule summarizes the direct expenses

of the credit segment, which are

reflected in Selling,

general and administrative expenses (in

thousands):

Three Months Ended

Nine Months Ended

November 2,

2024

October 28,

2023

November 2,

2024

October 28,

2023

Payroll

152

135

466

411

Postage

113

111

330

321

Other expenses

157

160

466

507

Total expenses

422

406

1,262

1,239

THE CATO CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

FOR THE THREE MONTHS AND NINE MONTHS ENDED

NOVEMBER 2, 2024 AND

OCTOBER 28, 2023

NOTE 6 – STOCK-BASED COMPENSATION:

November

2024,

the

Company’s

2018

Incentive

Compensation

Plan

allows

for

the

granting

various

forms

equity-based

awards,

including

restricted

stock

and

stock

options

for

grant

officers,

directors and key employees.

The

following

table

presents

the

number

options

and

restricted

stock

initially

authorized

and

available for grant under this plan as

of November 2, 2024:

2018

Plan

Options and/or restricted stock initially authorized

4,725,000

Options and/or restricted stock available for grant

2,782,782

accordance

with

ASC

718

–

Compensation–Stock Compensation

the

fair

value

current

restricted

stock awards

is estimated

on the

date of

grant based

on the

market price

of the

Company’s

stock and

amortized

compensation

expense

straight-line

basis

over

the

vesting

periods.

November

2024

and

February

2024,

there

was

8,212,000

and

9,334,000

respectively,

total

unrecognized compensation expense

related to nonvested

restricted stock awards,

which had a

remaining

weighted-average vesting period of

2.2

years and

2.1

years, respectively. The

total compensation expense

during the

three and

nine months

ended November

2, 2024

was $

714,000

and $

1,520,000

, respectively,

compared

total

compensation

expense

967,000

and

3,126,000

for

the

three

and

nine

months

ended

October

28,

2023,

respectively.

These

compensation

expenses

are

classified

component

Selling,

general

and

administrative

expenses

the

Condensed

Consolidated

Statements

Income

(Loss).

The following summary

shows the changes

in the number

of shares of

unvested restricted stock

outstanding

during the nine months ended November 2, 2024:

Weighted Average

Number of

Grant Date Fair

Value

Per Share

Restricted stock awards at February 3, 2024

1,123,873

11.32

Granted

386,900

4.80

Vested

(232,696)

13.22

Forfeited or expired

(48,077)

9.51

Restricted stock awards at November 2, 2024

1,230,000

8.97

THE CATO CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

FOR THE THREE MONTHS AND NINE MONTHS ENDED

NOVEMBER 2, 2024 AND

OCTOBER 28, 2023

NOTE 6 – STOCK BASED-COMPENSATION (CONTINUED):

The

Company’s

Employee

Stock

Purchase

Plan

allows

eligible

full-time

employees

purchase

limited

number of

of the

Company’s

Class

Common Stock

during each

semi-annual offering

period

% discount through payroll deductions. During the nine

months ended November 2, 2024

and October 28,

2023, the

Company sold

73,593

and

50,540

shares to

employees at

an average

discount of

0.81

and $

1.23

per share, respectively,

under the Employee

Stock Purchase Plan.

The compensation expense

recognized for

the

discount

given

under

the

Employee

Stock

Purchase

Plan

was

60,000

and

62,000

for

the

nine

months

ended

November

2024

and

October

28,

2023,

respectively.

These

expenses

are

classified

component of Selling, general and administrative expenses.

NOTE 7

– FAIR VALUE MEASUREMENTS:

The following

tables

set forth

information regarding

the

Company’s financial

assets and

liabilities that

are

measured at fair value (in thousands)

as of November 2, 2024 and February

3, 2024:

Quoted

Prices in

Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

November 2, 2024

Assets

Inputs

Description

Level 1

Level 2

Level 3

Assets:

State/Municipal Bonds

2,253

Corporate Bonds

52,649

U.S. Treasury/Agencies Notes and Bonds

10,578

Cash Surrender Value of Life Insurance

9,109

Asset-backed Securities (ABS)

514

Total Assets

75,103

65,994

9,109

Liabilities:

Deferred Compensation

(8,886)

Total Liabilities

(8,886)

THE CATO CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

FOR THE THREE MONTHS AND NINE MONTHS ENDED

NOVEMBER 2, 2024 AND

OCTOBER 28, 2023

Quoted

Prices in

Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

February 3, 2024

Assets

Inputs

Description

Level 1

Level 2

Level 3

Assets:

State/Municipal Bonds

12,540

Corporate Bonds

45,400

U.S. Treasury/Agencies Notes and Bonds

18,114

Cash Surrender Value of Life Insurance

8,586

Asset-backed Securities (ABS)

2,958

Corporate Equities

1,084

Total Assets

88,682

1,084

79,012

8,586

Liabilities:

Deferred Compensation

(8,654)

Total Liabilities

(8,654)

The Company’s investment portfolio

was primarily invested in

corporate bonds and

U.S. Treasury/Agencies

notes and

bonds held

in managed

accounts with

underlying ratings

of A

or better

at November

2, 2024

and

February 3, 2024.

The state, municipal and corporate bonds have contractual maturities which range from

days

2.9

years. The U.S. Treasury/Agencies notes and bonds have contractual maturities which range from

3 days

2.7

years.

These

securities

are

classified

available-for-sale

and

are

recorded

Short-term

investments

and

Other

assets

the

respective

Condensed

Consolidated

Balance

Sheets.

These

assets

are

carried

fair

value

with

unrealized

gains

and

losses

reported

net

taxes

Accumulated

other

comprehensive income.

At February

2024, the

Company

had $

1.1

million

of corporate

equities and

deferred compensation

plan

assets of

8.6

million.

At November 2,

2024, the Company

had deferred compensation

plan assets of

9.1

million.

During the nine

months ended November

2, 2024, the

Company sold its

corporate equities.

All of

these assets are recorded within Other

assets in the Condensed Consolidated Balance

Sheets.

Level 1 category securities are measured

at fair value using quoted active

market prices.

Level 2 investment

securities

include

corporate,

state

and

municipal

bonds

for

which

quoted

prices

may

not

available

active exchanges for identical instruments.

Their fair value is principally based on market values determined

by management with the assistance of a third-party pricing service.

Since quoted prices in active markets for

identical assets are

not available, these

prices are determined

by the pricing

service using observable

market

information

such

quotes

from

less

active

markets

and/or

quoted

prices

securities

with

similar

characteristics, among other factors.

Deferred compensation plan

assets consist of

life insurance policies.

These life insurance

policies are valued

based on the cash surrender value of the insurance contract, which is determined based on

such factors as the

fair value of the underlying assets and discounted cash flow and are therefore classified within Level 3

of the

valuation

hierarchy.

The

Level

liability

associated

with

the

life

insurance

policies

represents

deferred

compensation obligation,

the value

of which

is tracked

via underlying

insurance funds’

net asset

values, as

recorded

Other

noncurrent

liabilities

the

Condensed

Consolidated

Balance

Sheet.

These

funds

are

designed to mirror mutual funds and money

market funds that are observable and

actively traded.

THE CATO CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

FOR THE THREE MONTHS AND NINE MONTHS ENDED

NOVEMBER 2, 2024 AND

OCTOBER 28, 2023

The

following

tables

summarize

the

change

fair

value

the

Company’s

financial

assets

and

liabilities

measured using Level 3 inputs

for the nine months ended November

2, 2024 and the year ended

February 3,

2024

(in thousands):

Fair Value

Measurements Using

Significant Unobservable

Asset Inputs (Level 3)

Cash Surrender Value

Beginning Balance at February 3, 2024

8,586

Redemptions

Additions

Total gains or (losses):

Included in interest and other income (or

changes in net assets)

523

Ending Balance at November 2, 2024

9,109

Fair Value

Measurements Using

Significant Unobservable

Liability Inputs (Level 3)

Deferred Compensation

Beginning Balance at February 3, 2024

(8,654)

Redemptions

573

Additions

(175)

Total (gains) or losses:

Included in interest and other income (or

changes in net assets)

(630)

Ending Balance at November 2, 2024

(8,886)

THE CATO CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

FOR THE THREE MONTHS AND NINE MONTHS ENDED

NOVEMBER 2, 2024 AND

OCTOBER 28, 2023

Fair Value

Measurements Using

Significant Unobservable

Asset Inputs (Level 3)

Cash Surrender Value

Beginning Balance at January 28, 2023

9,274

Redemptions

(1,168)

Additions

Total gains or (losses):

Included in interest and other income (or

changes in net assets)

480

Ending Balance at February 3, 2024

8,586

Fair Value

Measurements Using

Significant Unobservable

Liability Inputs (Level 3)

Deferred Compensation

Beginning Balance at January 28, 2023

(8,903)

Redemptions

1,119

Additions

(292)

Total (gains) or losses:

Included in interest and other income (or

changes in net assets)

(578)

Ending Balance at February 3, 2024

(8,654)

THE CATO CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

FOR THE THREE MONTHS AND NINE MONTHS ENDED

NOVEMBER 2, 2024 AND

OCTOBER 28, 2023

NOTE 8 – RECENT ACCOUNTING PRONOUNCEMENTS:

November

2023,

the

Financial

Accounting

Standards

Board

(“FASB”)

issued

Accounting

Standards

Update

(“ASU”)

2023-07,

“Segment

Reporting

(Topic

280):

Improvements

Reportable

Segment

Disclosures,”

which

modifies

disclosure

requirements

for

all

public

entities

that

are

required

report

segment

information.

The update

will change

the

reporting of

segments by

adding

significant

segment

expenses,

other

segment

items,

title

and

position

the

chief

operating

decision

maker

(“CODM”) and

how

the

CODM

uses

the

reported

measures

make

decisions.

The

update

also

requires

all

annual

disclosures

about

reportable

segment’s

profit

loss

and

assets

interim

periods.

This

guidance

effective

for

fiscal

years

beginning

after

December

15,

2023

and

interim

periods

within

fiscal

years

beginning

after

December

15,

2024.

Early

adoption

permitted,

and

the

guidance

applicable

retrospectively to all prior periods presented

in the financial statements.

The Company is currently in the

process of

evaluating the

potential impact

of adoption

of this

new guidance

on its

consolidated financial

statements and related disclosures.

December

2023,

the

FASB

issued

ASU

2023-09,

“Income

Taxes

(Topic

740):

Improvements

Income

Tax

Disclosures,”

which

modifies

the

requirements

income

tax

disclosures

require

disaggregated

information

about

reporting

entity’s

effective

tax

rate

reconciliation

well

information on

income taxes

paid.

This guidance

is effective

for fiscal

years beginning

after December

15, 2024 for all public

business entities, with early adoption and retrospective application

permitted.

The

Company is

currently in

the process

of evaluating

the potential

impact of

adoption of

this new

guidance

on its consolidated financial statements and related disclosures.

November

2024,

the

FASB

issued

ASU

2024-03,

“Income

Statement—Reporting

Comprehensive

Income—Expense

Disaggregation

Disclosures

(Subtopic

220-40):

Disaggregation

Income

Statement

Expenses,”

which

requires

public

entities

disclose,

annual

and

interim

basis,

disaggregated

information

the

footnotes

about

specified

information

certain

costs

and

expenses.

This

guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning

after

December

15,

2027,

with

early

adoption

permitted.

The

Company

currently

the

process

evaluating the

potential impact

of adoption

of this

new guidance

on its

consolidated financial statements

and related disclosures.

NOTE 9 – INCOME TAXES:

The

Company

had

effective

tax

rate

for

the

first

nine

months

2024

(

67.5

compared

effective tax

rate of

60.4

% for the

first nine months

of fiscal 2023.

Income tax expense

for the first

nine

months increased to $

1.6

million in fiscal 2024 from an

income tax benefit of $

0.8

million in fiscal 2023.

The increase

in tax

expense in

2024 is

primarily due

to the

valuation allowance

against net

deferred tax

assets attributable

to U.S.

federal net operating

loss carryforwards recorded

in the fourth

quarter of 2023

and a smaller release of reserves for uncertain tax positions.

NOTE 10 – COMMITMENTS AND CONTINGENCIES:

The Company is, from time to time, involved in routine litigation incidental to the conduct of its business,

including

litigation

regarding

the

merchandise

that

sells,

litigation

regarding

intellectual

property,

litigation instituted by persons injured upon premises under the Company’s control, litigation with respect

THE CATO CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

FOR THE THREE MONTHS AND NINE MONTHS ENDED

NOVEMBER 2, 2024 AND

OCTOBER 28, 2023

various

employment

matters,

including

alleged

discrimination

and

wage

and

hour

litigation,

and

litigation with

present or former employees.

Although such

litigation is

routine and

incidental to

the conduct

of the

Company’s business,

as with

any

business

its

size

with

significant

number

employees

and

significant

merchandise

sales,

such

litigation could

result in

large

monetary awards.

Based on

information currently

available, management

does

not

believe

that

any

reasonably

possible

losses

arising

from current

pending litigation

will

have

material adverse

effect

on the

Company’s

condensed consolidated

financial statements.

However,

given

the

inherent uncertainties

involved in

such

matters, an

adverse outcome

one or

more of

such

matters

could

materially and

adversely affect

the

Company’s

financial condition,

results of

operations and

cash

flows

any

particular

reporting

period.

The

Company

accrues

for

these

matters

when

the

liability

deemed probable and reasonably estimable.

NOTE 11 – REVENUE RECOGNITION:

The

Company

recognizes

sales

the

point

purchase

when

the

customer

takes

possession

the

merchandise

and

pays

for

the

purchase,

generally

with

cash

credit.

Sales

from

purchases

made

with

Cato

credit,

gift

cards

and

layaway

sales

from

stores

are

also

recorded

when

the

customer

takes

possession of

the merchandise. E-commerce

sales are

recorded when the

risk of

loss is

transferred to the

customer.

Gift cards

are recorded

as deferred

revenue until they

are redeemed

or forfeited.

Gift cards

not have expiration dates. Layaway transactions are recorded as

deferred revenue until the customer takes

possession or

forfeits the

merchandise. A

provision is

made for

estimated merchandise

returns based

sales

volumes

and

the

Company’s

experience;

actual

returns

have

not

varied

materially

from

historical

amounts.

provision

made

for

estimated

write-offs

associated

with

sales

made

with

the

Company’s

proprietary

credit

card.

Amounts

shipping

and

handling

billed

customers

sales

transaction are

classified as

Other revenue

and the

costs related

to shipping

product to

customers (billed

and accrued) are classified as Cost of goods sold.

The Company

offers its

own proprietary

credit card

to customers.

All credit

activity is

performed by

the

Company’s wholly-owned

subsidiaries.

None

of the credit

card receivables are

secured. During the

three

and

nine

months ended

November 2,

2024, the

Company estimated

customer

credit

losses

154,000

and

492,000

respectively,

compared

149,000

and

421,000

for

the

three

and

nine

months

ended

October 28,

2023, respectively.

Sales purchased

on the

Company’s

proprietary credit

card for

the three

and nine months ended November 2, 2024 were $

5.1

million and $

16.4

million, respectively, compared to

5.7

million and $

17.4

million for the three and nine months ended October 28, 2023,

respectively.

The

following

table

provides

information

about

receivables

and

contract

liabilities

from

contracts

with

customers (in thousands):

Balance as of

November 2, 2024

February 3, 2024

Proprietary Credit Card Receivables, net

10,716

10,909

Gift Card Liability

6,266

8,143

THE CATO CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

FOR THE THREE MONTHS AND NINE MONTHS ENDED

NOVEMBER 2, 2024 AND

OCTOBER 28, 2023

NOTE 12 – LEASES:

The

Company determines

whether

arrangement is

lease

inception.

The

Company

has

operating

leases for

stores, offices,

warehouse space

and equipment.

Its leases have

remaining lease terms

of up

years based on

the estimated likelihood

of renewal. Some

include options to

extend the lease

term for

up to

five years

, and some include options to terminate the lease

within one year

. The Company considers

these

options in

determining the

lease

term

used

establish

its

right-of-use

assets

and

lease

liabilities.

The

Company’s

lease

agreements

not

contain

any

material

residual

value

guarantees

material

restrictive covenants.

most

the

Company’s

leases

not

provide

implicit

rate,

the

Company

uses

its

estimated

incremental

borrowing

rate

based

the

information

available

commencement

date

the

lease

determining the present value of lease payments.

The components of lease cost are shown below (in thousands):

Three Months Ended

November 2, 2024

October 28, 2023

Operating lease cost (a)

16,755

17,498

Variable

lease cost (b)

490

544

(a) Includes right-of-use asset amortization of ($

0.2

) million and ($

0.3

) million for the three months ended November 2, 2024 and

October 28, 2023, respectively.

(b) Primarily related to monthly percentage rent for stores not presented on the condensed consolidated balance sheets.

Nine Months Ended

November 2, 2024

October 28, 2023

Operating lease cost (a)

50,565

53,174

Variable

lease cost (b)

1,450

1,642

(a) Includes right-of-use asset amortization of ($

0.6

) million and ($

0.9

) million for the nine months ended November 2, 2024 and

October 28, 2023, respectively.

(b) Primarily related to monthly percentage rent for stores not presented on the condensed consolidated balance sheets.

THE CATO CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

FOR THE THREE MONTHS AND NINE MONTHS ENDED

NOVEMBER 2, 2024 AND

OCTOBER 28, 2023

Supplemental cash flow

information and non-cash

activity related to

the Company’s

operating leases are

as follows (in thousands):

Operating cash flow information:

Three Months Ended

November 2, 2024

October 28, 2023

Cash paid for amounts included in the measurement of lease liabilities

15,584

16,671

Non-cash activity:

Right-of-use assets obtained in exchange for lease obligations

1,207

(1,468)

Nine Months Ended

November 2, 2024

October 28, 2023

Cash paid for amounts included in the measurement of lease liabilities

46,672

50,696

Non-cash activity:

Right-of-use assets obtained in exchange for lease obligations

2,564

1,435

Weighted-average

remaining

lease

term

and

discount

rate

for

the

Company’s

operating

leases

are

follows:

As of

November 2, 2024

October 28, 2023

Weighted-average remaining lease term

1.7

years

1.8

years

Weighted-average discount rate

4.84%

3.30%

Maturities

lease

liabilities

fiscal

year

for

the

Company’s

operating

leases

are

follows

(in

thousands):

Fiscal Year

2024 (a)

15,226

2025

45,680

2026

29,745

2027

17,027

2028

8,843

Thereafter

1,171

Total lease payments

117,692

Less: Imputed interest

8,638

Present value of lease liabilities

109,054

(a) Excluding the nine months ended November 2, 2024

THE CATO CORPORATION

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING INFORMATION:

The

information

contained

“Management’s

Discussion

and

Analysis

Financial

Condition

and

Results

Operations”

should

read

along

with

the

unaudited

Condensed

Consolidated

Financial

Statements,

including

the

accompanying

Notes

appearing

this

report.

Any

the

following

are

“forward-looking”

statements

within

the

meaning

Section 27A

the

Securities

Act

1933,

amended,

and

Section 21E

the

Securities

Exchange

Act

1934,

amended:

(1) statements

this

Form 10-Q

that

reflect

projections

expectations

our

future

financial

economic

performance;

(2) statements

that

are

not

historical

information;

(3) statements

our

beliefs,

intentions,

plans

and

objectives for future operations,

including those contained in

“Management’s Discussion and

Analysis of

Financial Condition and

Results of Operations”;

(4) statements relating to

our operations or

activities for

our

fiscal

year

ending

February

2025

(“fiscal

2024”)

and

beyond,

including,

but

not

limited

to,

statements regarding expected

amounts of

capital expenditures and

store openings, relocations,

remodels

and closures, and

statements regarding the

potential impact of

supply chain disruptions,

extreme weather

conditions,

inflationary

pressures

and

other

economic

market

conditions

our

business,

results

operations and financial condition and

statements of plans or

intentions regarding new store development

store

closures;

and

(5)

statements

relating

our

future

contingencies.

When

possible,

have

attempted to identify forward-looking statements

by using words such

as “will,” “expects,” “anticipates,”

“approximates,” “believes,” “estimates,” “hopes,” “intends,”

“may,” “plans,”

“could,” “would,” “should”

and

any

variations

negative

formations

such

words

and

similar

expressions.

can

give

assurance

that actual

results or

events

will not

differ

materially from

those

expressed or

implied in

any

such

forward-looking

statements.

Forward-looking

statements

included

this

report

are

based

information available

to us

as of

the filing

date of

this report,

but 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,

the following: any actual

perceived

deterioration

in,

continuation

negative

trends

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, wage rates,

tax

rates, interest

rates, home

values, consumer

net worth,

the availability

of credit

and inflation;

changes in

laws, regulations

or government

policies affecting

our business,

including but

not limited

to current

and

potentially

new

tariffs;

uncertainties

regarding

the

impact

any

governmental

action

regarding,

responses

to,

the

foregoing

conditions;

competitive

factors

and

pricing

pressures;

our

ability

predict

and respond

to rapidly changing

fashion trends

and consumer demands;

our ability to

increase new

store

openings and

the ability

of any

such new

stores to

grow and

perform as

expected; underperformance

other factors that may lead to, or affect the

volume of, store closures and negatively affect the Company’s

profitability,

financial

condition,

prospects,

and

ability

comply

with

its

debt

covenants;

adverse

weather,

public

health

threats,

acts

war

aggression

similar

conditions

that

may

affect

our

merchandise supply chain,

sales or

operations; inventory risks

due to

shifts in

market demand, including

the

ability

liquidate

excess

inventory

anticipated

margins;

adverse

developments

volatility

affecting

the

financial

services

industry

broader financial

markets;

and

other

factors

discussed

under

“Risk Factors” in

Part I, Item 1A

of our

Annual Report on Form

10-K for the

fiscal year ended

February

3, 2024

(“fiscal 2023”),

as amended

or supplemented,

and in

other reports

we file

with or

furnish to

the

Securities and

Exchange Commission

(“SEC”) from

time to

time.

do not

undertake, and

expressly

decline, any

obligation to

update any such

forward-looking information contained

in this

report, whether

as a result of new information, future events, or otherwise.

THE CATO CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS

(CONTINUED)

CRITICAL ACCOUNTING POLICIES AND ESTIMATES:

The

Company’s

critical

accounting

policies

and

estimates

are

fully

described

“Management’s

Discussion and Analysis of Financial Condition and Results of Operations” in the

Company’s Annual Report

Form

10-K

for

the

fiscal

year

ended

February

2024.

The

preparation

the

Company’s

financial

statements

conformity

with

generally

accepted

accounting

principles

the

United

States

(“GAAP”)

requires management to make estimates and assumptions about future events that affect the amounts reported

the

financial

statements

and

accompanying

notes.

Future

events

and

their

effects

cannot

determined

with absolute

certainty. Therefore,

the determination

of estimates

requires the

exercise of

judgment. Actual

results

inevitably

will

differ

from

those

estimates,

and

such

differences

may

material

the

financial

statements. The most significant accounting estimates

inherent in the preparation of the

Company’s financial

statements include

the calculation

of potential

asset impairment,

income tax

valuation allowances,

reserves

relating

self-insured

health

insurance,

workers’

compensation,

general

and

auto

insurance

liabilities,

uncertain tax positions, the allowance for

customer credit losses, and inventory shrinkage.

The Company’s critical accounting policies and

estimates are discussed with the Audit Committee.

THE CATO CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS

(CONTINUED)

RESULTS OF OPERATIONS:

The following table sets forth, for the periods indicated, certain items in

the Company's unaudited Condensed

Consolidated Statements of Income (Loss) as a

percentage of total retail sales:

Three Months Ended

Nine Months Ended

November 2, 2024

October 28, 2023

November 2, 2024

October 28, 2023

Total retail sales

100.0

Other revenue

1.1

1.0

0.9

Total revenues

101.1

101.0

100.9

Cost of goods sold (exclusive of depreciation)

71.2

67.5

66.7

65.4

Selling, general and administrative (exclusive

of depreciation)

40.0

39.4

35.5

35.1

Depreciation

1.9

1.6

1.5

1.4

Interest and other income

(1.8)

(1.0)

(2.1)

(0.7)

Loss before income taxes

(10.2)

(6.6)

(0.5)

(0.3)

Net loss

(10.4)

(3.9)

(0.8)

(0.1)

THE CATO CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS

(CONTINUED)

RESULTS OF OPERATIONS

(CONTINUED):

Management’s

Discussion

and

Analysis

Financial

Condition

and

Results

Operations

(“MD&A”)

intended

provide

information

assist

readers

better

understanding

and

evaluating

our

financial

condition and results of

operations. We recommend reading

this MD&A in conjunction

with our Condensed

Consolidated Financial

Statements and

the Notes

to those

statements included in

the “Financial

Statements”

section of this Quarterly Report on

Form 10-Q, as well as our 2023

Annual Report on Form 10-K.

Recent Developments

Inflationary Cost Pressure and High Interest Rates

The pressure on our customers’ disposable income continued in the

first three quarters of fiscal 2024, due

prolonged and

persistently higher

prices caused

by high

inflation rates,

especially related

housing,

groceries

and

fuel,

well

high

interest

rates.

These

high

interest

rates

have

adversely

affected

the

availability and cost of credit for our customers, including

revolving credit and auto loans, and continue to

negatively

impact

our

customers’

disposable

income.

Our

customers’

willingness

purchase

our

products may continue to be negatively impacted by these inflationary

pressures and high interest rates.

Although

interest

rates

and

inflation

have

decreased,

believe

the

pressure

our

customers’

disposable

income adversely

impacted

the

first

three quarters

fiscal

2024

and will

likely

continue to

have a

negative impact

on consumer

behavior and,

by extension,

our results

operations and

financial

condition during the remainder of fiscal 2024.

Merchandise Supply Chain

significant

amount

our

merchandise

manufactured

overseas,

principally

Southeast

Asia,

and

traverses

through

the

Panama

Canal

the

Suez

Canal.

the

first

quarter

2024,

the

drought

conditions

experienced

the

region

surrounding

the

Panama

Canal

reduced

the

number

transits

approximately 37% and

also reduced the

permissible draft of

vessels transiting the

Panama Canal, which

reduced the volume

and number of

containers carried by container

ships and increased

our costs.

These

conditions improved as

the Panama

Canal authority

increased the

daily transits

and the

permissible draft

of vessels, raising the number of

transits to 95% of pre-drought operations in the

second quarter and back

to pre-drought

levels in

the third

quarter.

The hostilities

affecting the

region surrounding the

Suez Canal

are causing container ships to

travel longer distances around the

Cape of Good Hope,

which is increasing

lead times for merchandise and

our costs to ship these

goods, as well as decreasing the

pool of containers

available.

The combination of

these situations

has negatively impacted

the first

nine months

of 2024.

addition,

the

third

quarter

was

impacted

later

shipments

part

due

congestion

certain

Asian

ports,

the

U.S.

port

strike

the

east

coast,

and

civil

unrest

some

Asian

countries

that

caused

merchandise to miss

its shipping windows.

Though conditions have

incrementally improved, we believe

the totality of

these conditions will

likely continue to

have a negative

impact on our

results of operations

and financial condition for the foreseeable future.

Comparison of the Three and Nine

Months ended November 2, 2024 with October

28, 2023

Total retail sales for the

third quarter were $144.6 million compared to

last year’s third quarter sales

of $156.7

million, an 8% decrease.

The Company’s sales

decrease in the third quarter

of fiscal 2024 was

primarily due

decrease

same-store

sales

and

stores

closed

the

fourth

quarter

2023.

For

the

nine

months

ended

November

2024,

total

retail

sales

were

$486.8

million

compared

last

year’s

comparable

nine

THE CATO CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS

(CONTINUED)

month sales of

$528.2 million, an

8% decrease. The

decrease in sales

in the first

nine months of

fiscal 2024

was due

primarily to

a 4%

decrease in

same-store sales

and store

closures.

Same-store sales

include stores

that have been open

more than 15 months.

Stores that have been

relocated or expanded are

also included in

the same-store sales

calculation after they

have been open

more than 15

months.

The method of

calculating

same-store

sales

varies across

the

retail industry.

result,

our

same-store

sales

calculation

may

not

comparable to similarly titled measures reported by other companies. E-commerce sales were less than 5% of

total sales for the nine months ended

November 2, 2024 and are included in

the same-store sales calculation.

Total

revenues,

comprised

retail

sales

and

other

revenue

(principally

finance

charges

and

late

fees

customer accounts

receivable and

layaway fees),

were $146.2

million and

$491.9 million

for the

three and

nine months ended November 2, 2024, compared to $158.3 million and $533.2

million for the three and nine

months

ended

October

28,

2023,

respectively.

The

Company

operated

1,167

stores

November

2024

compared

1,245 stores

October

28,

2023.

During

the first

nine

months of

fiscal

2024, the

Company

opened one store

and closed

13 stores.

The Company currently

expects to

close approximately

65 stores

total in fiscal 2024.

Credit

revenue

$0.7

million

represented

0.5%

total

revenues

the

third

quarter

fiscal

2024,

compared to credit revenue of $0.7 million or 0.4% of total revenues in the third quarter of fiscal 2023. Credit

revenue is

comprised of

interest earned

on the

Company’s private

label credit

card portfolio

and related

fee

income.

Related expenses principally include

payroll, postage and other

administrative expenses and totaled

$0.4 million in the third quarter

of fiscal 2024, compared to

last year’s third quarter expense of

$0.4 million.

Other

revenue,

component

total

revenues,

was

$1.5

million

and

$5.0

million

for

the

three

and

nine

months ended November 2, 2024, respectively, compared to $1.6 million and $5.0 million for the prior year’s

comparable three

and nine

month periods.

The slight

decrease in

Other revenue

for the

three months

ended

November

2024

was

due

decreases

e-commerce

shipping

revenue

and

finance

charges

associated

with the Company’s proprietary credit

card, partially offset by an increase

in gift card breakage income.

Cost of

goods sold

was $103.0

million, or

71.2% of

retail sales

and $324.6

million, or

66.7% of retail

sales

for the three and

nine months ended November

2, 2024, respectively, compared

to $105.8 million, or

67.5%

of retail sales and $345.5 million, or 65.4% of retail sales for the comparable three and nine month periods of

fiscal 2023.

The overall increase in cost of goods sold as a percent of retail sales for the third

quarter and first

nine

months

fiscal

2024

versus

the

comparable

three

and

nine

month

periods

fiscal

2023

resulted

primarily from deleveraging of occupancy and buying costs and higher distribution and freight costs, partially

offset

higher

selling

margins.

Cost

goods

sold

includes

merchandise

costs

(net

discounts

and

allowances),

buying

costs,

distribution

costs,

occupancy

costs,

freight

and

inventory

shrinkage.

Net

merchandise

costs

and

in-bound

freight

are

capitalized

inventory

costs.

Buying

and

distribution

costs

include

payroll,

payroll-related

costs

and

operating

expenses

for

the

buying

departments

and

distribution

center.

Occupancy

costs include

rent,

real

estate taxes,

insurance, common

area

maintenance, utilities

and

maintenance for

stores and

distribution facilities.

Total gross

margin

dollars (retail

sales less

cost of

goods

sold exclusive of depreciation) decreased by

18.1% to $41.7 million for the third quarter

of fiscal 2024 and by

11.1%

$162.3

million

for

the

first

nine

months

fiscal

2024,

compared

$50.9

million

and

$182.6

million for the

prior year’s comparable

three and nine

months of fiscal

2023, respectively.

Gross margin as

presented may not be comparable to those

of other entities.

Selling, general and administrative expenses (“SG&A”) primarily include corporate and store payroll, related

payroll

taxes

and

benefits,

insurance,

supplies,

advertising,

bank

and

credit

card

processing

fees.

SG&A

expenses were $57.9 million, or 40.0% of retail sales and $172.8 million, or 35.5% of retail sales for the

third

quarter and first nine months of

fiscal 2024, respectively, compared to $61.8

million, or 39.4% of retail sales

and

$185.3

million,

or 35.1%

of retail

sales

for the

prior

year’s

comparable three

and

nine

month periods,

THE CATO CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS

(CONTINUED)

respectively.

The decrease in SG&A

expenses for the third

quarter and first nine

months of fiscal 2024

was

primarily due to lower payroll,

advertising and insurance expenses, partially

offset by expenses related to the

startup of our distribution center automation project.

Depreciation expense was $2.7 million, or 1.9% of retail sales and $7.1 million, or 1.5% of

retail sales for the

third quarter

and first

nine months

of fiscal

2024, respectively,

compared to

$2.5 million,

or 1.6%

of retail

sales and $7.4 million or 1.4%

of retail sales for the comparable three

and nine month periods of fiscal

2023,

respectively.

Interest and other

income was $2.6

million, or 1.8%

of retail sales

and $10.2 million,

or 2.1% of

retail sales

for the

three and

nine months

ended November

2, 2024,

respectively, compared to

$1.5 million,

or 1.0%

retail sales and $3.8 million,

or 0.7% of retail sales for the

comparable three and nine month periods

of fiscal

2023, respectively.

The increase

for the

third quarter

of fiscal

2024 compared

to fiscal

2023 was

primarily

due

gain

the

disposal

the

Company’s

corporate

aircraft

and

higher

interest

earned

the

Company’s investments.

The increase

for the

first nine

months of

fiscal 2024

compared to

fiscal 2023

was

primarily

due

$3.2

million

net

gain

sale

land

held

for

investment,

gain

the

disposal

the

Company’s corporate aircraft and higher interest

earned on the Company’s investments.

Income tax expense was

$0.3 million and $1.6 million

for the third quarter

and first nine months of fiscal

2024, respectively,

compared to

a tax

benefit of

$4.3 million

and $0.8

million for

the comparable

three

and

nine

month

periods

fiscal

2023,

respectively.

The

effective

income

tax

rate

for

the

first

nine

months

fiscal

2024

was

(67.5%)

compared

60.4%

for

the

first

nine

months

fiscal

2023.

The

increase in tax expense in

2024 is primarily due to

the valuation allowance against net

deferred tax assets

attributable to

U.S. federal

net operating

loss carryforwards

recorded in

the fourth

quarter of

2023 and

smaller release of reserves for uncertain tax positions.

LIQUIDITY, CAPITAL

RESOURCES

AND MARKET

RISK:

The Company

believes that

its cash,

cash equivalents

and short-term

investments, together

with cash

flows

from operations, will be adequate to fund the Company’s regular operating requirements and expected capital

expenditures for the next 12

months.

Cash used in operating activities during the first nine months of fiscal 2024 was $13.3 million as compared

$11.7

million

provided

the

first

nine

months

fiscal

2023.

The

increase

cash

used

operating

activities

$25.0

million

for the

first

nine

months of

fiscal

2024

compared to

the

first nine

months of

fiscal 2023 was primarily attributable to the

relative change in inventory from year-end to

the third quarter for

both

years

and

subtraction

net

income

for

non-operating

gains

sale

assets

held

for

investment,

partially offset by the relative change

of accounts payable from year-end to

the third quarter for both years.

November

2024,

the

Company

had

working

capital

$60.7

million

compared

$55.1

million

February 3,

2024.

The increase

in working

capital was

primarily attributable

to a

decrease in

current lease

liability

and

increase

inventory,

partially

offset

decrease

short-term

investments,

cash

and

accounts receivable.

At November 2,

2024, the Company had

a revolving credit agreement,

which provides for borrowings of

to $35.0

million, less

the balance

of any

revocable letters

of credit

related to

purchase commitments,

and is

committed

through

May

2027.

The

credit

agreement

contains

various

financial

covenants

and

limitations,

including

the

maintenance

specific

financial

ratios.

April

25,

2024,

the

Company

amended

the

THE CATO CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS

(CONTINUED)

revolving credit

agreement to

modify a

definition used

in calculating

the Company’s

minimum EBITDAR

coverage

ratio

add

back

certain

income

tax

receivables

included

the

calculation

the

ratio.

November 1, 2024, the Company

amended the revolving credit agreement

to lower the minimum EBITDAR

coverage

ratio

and

the

corresponding

minimum

cash

and

investments

used

determine

the

EBITDAR

coverage ratio in exchange

for a secured position

in any future borrowings.

For the quarter ended

November

2, 2024,

after giving

effect to

the amendments,

the Company

was in

compliance with

the credit

agreement.

There

were

borrowings

outstanding,

nor

any

outstanding

letters

credit

that

reduced

borrowing

availability, as of November 2, 2024.

The weighted average interest rate under

the credit facility was zero at

November 2, 2024 due to

no outstanding borrowings.

Expenditures

for

property

and

equipment

totaled

$6.5

million

the

first

nine

months

fiscal

2024,

compared to

$10.3 million

in last

fiscal year’s

first nine

months. The

decrease in

expenditures for

property

and equipment

was

primarily

due to

finishing

projects related

to investments

in the

distribution center

and

information

technology.

For

the

full

fiscal

2024

year,

the

Company

expects

invest

approximately

$7.0

million for capital expenditures.

Net

cash

provided

investing

activities

totaled

$21.5

million

the

first

nine

months

fiscal

2024

compared

$6.1

million

net

cash

provided

the

comparable

period

2023.

The

increase

net

cash

provided

investing

activities

2024

was

primarily

due

the

sale

other

assets,

lower

purchases

short-term investments,

and lower capital

expenditure spending,

partially offset

by lower sales

of short-term

investments.

Net cash used in financing activities totaled $12.6 million in the first nine months of fiscal

2024 compared to

$12.7 million used in the comparable period of fiscal 2023.

The slight decrease in net cash used in financing

activities in fiscal 2024 was primarily

due to lower stock repurchases, partially offset

by dividends paid.

As of November

2, 2024, the Company

had 442,831 shares remaining

in open authorizations under

its share

repurchase program.

The Company does not use

derivative financial instruments.

The Company’s investment portfolio

was primarily invested in

corporate bonds and

U.S. Treasury/Agencies

notes and

bonds held

in managed

accounts with

underlying ratings

of A

or better

at November

2, 2024

and

February 3, 2024.

The state, municipal and corporate bonds have contractual maturities which range from 13

days to 2.9 years. The U.S. Treasury/Agencies notes and bonds have contractual maturities which range from

days

2.7

years.

These

securities

are

classified

available-for-sale

and

are

recorded

Short-term

investments

and

Other

assets

the

respective

Condensed

Consolidated

Balance

Sheets.

These

assets

are

carried

fair

value

with

unrealized

gains

and

losses

reported

net

taxes

Accumulated

other

comprehensive income.

At February

2024, the

Company

had $1.1

million

of corporate

equities and

deferred

compensation

plan

assets of

$8.6 million.

At November

2, 2024,

the Company

had deferred

compensation plan

assets of

$9.1

million.

During the nine

months ended November

2, 2024, the

Company sold its

corporate equities.

All of

these assets

are recorded

within

Other assets

in the

Condensed

Consolidated

Balance

Sheets.

See

Note

Fair Value Measurements.

THE CATO CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS

(CONTINUED)

RECENT ACCOUNTING PRONOUNCEMENTS:

See Note 8, Recent Accounting Pronouncements.

THE CATO CORPORATION

QUANTITATIVE

AND QUALITATIVE

DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE

AND QUALITATIVE

DISCLOSURES ABOUT MARKET RISK:

The

Company

subject

market

rate

risk

from

exposure

changes

interest

rates

based

its

financing, investing and

cash management activities,

but the Company

does not

believe such exposure

material.

ITEM 4. CONTROLS AND PROCEDURES:

We carried out an evaluation, with the

participation of our Principal Executive Officer and

Principal Financial

Officer, of the effectiveness of

our disclosure controls and procedures as of November

2, 2024.

Based on this

evaluation, our Principal Executive Officer and Principal Financial Officer concluded that, as of November 2,

2024, our

disclosure controls

and

procedures,

as defined

Rule

13a-15(e), under

the

Securities

Exchange

Act of 1934 (the “Exchange

Act”), were effective to ensure that

information we are required to disclose

in the

reports

that

file

submit

under

the

Exchange

Act

recorded,

processed,

summarized

and

reported

within the time periods

specified in the SEC’s

rules and forms and

that such information is

accumulated and

communicated to our management, including our Principal Executive Officer and Principal Financial Officer,

as appropriate to allow timely decisions

regarding required disclosure.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING:

No change in the Company’s internal control

over financial reporting (as defined in

Exchange Act Rule 13a-

15(f))

has

occurred

during

the

Company’s

fiscal

quarter

ended

November

2024

that

has

materially

affected, or is

reasonably likely to

materially affect, the

Company’s internal control

over financial reporting.

THE CATO CORPORATION

PART II OTHER

INFORMATION

ITEM 1.

LEGAL PROCEEDINGS:

Not Applicable.

ITEM 1A.

RISK FACTORS:

In addition to the other information

in this report, you should carefully

consider the factors discussed in

Part I,

“Item

1A.

Risk

Factors”

our

Annual

Report

Form

10-K

for

our

fiscal

year

ended

February

2024.

These risks

could materially

affect our

business, financial

condition or

future results;

however, they

are not

the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem

immaterial

may

also

materially

adversely

affect

our

business,

financial

condition

results

operations.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES

AND USE OF PROCEEDS:

The following table summarizes the Company’s purchases of its common stock for the three months

ended November 2, 2024:

ISSUER PURCHASES OF EQUITY SECURITIES

Total Number of

Maximum Number

Shares Purchased as

(or Approximate Dollar

Total Number

Average

Part of Publicly

Value)

of Shares that may

Fiscal

of Shares

Price Paid

Announced Plans or

Yet be Purchased

Under

Period

Purchased

per Share (1)

Programs (2)

The Plans or Programs (2)

August 2024

September 2024

35,407

4.49

35,407

October 2024

Total

35,407

4.49

35,407

442,831

(1)

Prices include trading costs.

(2)

As of August 3, 2024, the Company’s

share repurchase program had 478,238 shares remaining in

open authorizations. During the third quarter ended November 2, 2024, the Company repurchased

and

retired 35,407

shares under

this

program for

approximately $158,827

an average

market

price of $4.49 per share.

As of November 2, 2024, the Company had 442,831 shares remaining

open authorizations. There is no specified expiration date for the Company’s repurchase program.

ITEM 3.

DEFAULTS

UPON SENIOR SECURITIES:

Not Applicable.

THE CATO CORPORATION

PART II OTHER

INFORMATION

ITEM 4.

MINE SAFETY DISCLOSURES:

No matters requiring disclosure.

ITEM 5.

OTHER INFORMATION:

During

the

three

months

ended

November

2024,

none

the

Company’s

directors

officers

(as

defined

Rule 16a-1(f)

the

Securities

Exchange Act

1934,

amended)

adopted

terminated

“Rule

10b5-1

trading

arrangement”

“

non-Rule

10b5-1

trading

arrangement”

(as

such

terms

are

defined in Item 408 of Regulation S-K).

ITEM 6.

EXHIBITS:

Exhibit No.

Item

3.1

Registrant’s Amended and Restated Certificate of Incorporation, incorporated by

reference to Exhibit 3.1 to Form 10-Q of the Registrant for the quarter ended May

2, 2020.

3.2

Registrant’s Amended and Restated By-Laws, incorporated by reference to Exhibit

3.2 to Form 10-Q of the Registrant for the quarter ended May 2, 2020.

10.1*

Fifth Amendment, dated as of November 1, 2024, to Credit Agreement, dated as

of May 19, 2022, among the Registrant, the banks party thereto and Wells Fargo

Bank, National Association.

31.1*

Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer.

31.2*

Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer.

32.1*

Section 1350 Certification of Principal Executive Officer.

32.2*

Section 1350 Certification of Principal Financial Officer.

101.INS

Inline XBRL Instance Document

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase

Document

101.DEF

Inline XBRL Taxonomy Extension Definitions Linkbase

Document

101.LAB

Inline XBRL Taxonomy Extension Label

Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase

Document

104.1

Cover Page

Interactive Data

File

(Formatted in

Inline

XBRL

and

contained

the Interactive Data Files submitted as Exhibit 101.1*)

* Submitted electronically herewith.

THE CATO CORPORATION

PART II OTHER

INFORMATION

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the

Registrant has duly caused this

report to be signed on its behalf by the undersigned thereunto duly

authorized.

THE CATO

CORPORATION

November

26, 2024

/s/ John P.

D. Cato

Date

John P.

D. Cato

Chairman, President and

Chief Executive Officer

November 26, 2024

/s/ Charles D. Knight

Date

Charles D. Knight

Executive Vice President

Chief Financial Officer

FIFTH AMENDMENT TO

CREDIT AGREEMENT

THIS FIFTH AMENDMENT TO CREDIT AGREEMENT

(this “Amendment”), dated as

of November 1, 2024, is by and among

THE CATO

CORPORATION, a Delaware corporation (the

“Borrower”), the other Loan Parties party hereto, the Banks

(as defined below) party hereto and

WELLS FARGO BANK, NATIONAL

ASSOCIATION, as agent on behalf of the Banks under the

Existing Credit Agreement (as hereinafter defined) (in such capacity, the “Agent”).

Capitalized terms

used herein and not otherwise defined herein shall have the meanings

ascribed thereto in the Amended

Credit Agreement.

W I T N E S S E T H

WHEREAS

, the Borrower, certain Domestic Subsidiaries of the Borrower as may be from

time to time party thereto, certain banks and financial institutions

from time to time party thereto (the

“Banks”) and the Agent are parties to that certain Credit Agreement

dated as of May 19, 2022 (as

amended by that certain First Amendment to Credit Agreement, dated

as of June 6, 2022, that certain

Second Amendment to Credit Agreement, dated as of August 9, 2023,

that certain Third Amendment

to Credit Agreement, dated as of October 24, 2023, that certain Fourth Amendment

to Credit

Agreement, dated as of April 25, 2024, and as further amended, modified, extended,

restated, replaced,

or supplemented from time to time, the “Existing Credit Agreement”

and, after giving effect to this

Amendment, the “Amended Credit Agreement”);

WHEREAS

, the Borrower has requested that the Required Banks and Agent amend

certain

provisions of the Existing Credit Agreement; and

WHEREAS

, the Required Banks and the Agent are willing to make such amendments

to the

Existing Credit Agreement, in accordance with and subject to the terms

and conditions set forth herein.

NOW,

THEREFORE

, in consideration of the agreements hereinafter set forth, and for other

good and valuable consideration, the receipt and adequacy of which are hereby

acknowledged, the

parties hereto agree as follows:

ARTICLE I

AMENDMENTS

TO CREDIT AGREEMENT

1.1

Amendment to Section 1.01

The following defined terms are hereby added to

Section 1.01 of the Existing Credit Agreement in the appropriate alphabetical

order:

“Fifth Amendment”

means that certain Fifth Amendment to Credit Agreement dated as

of the Fifth Amendment Effective Date, by and among the Loan Parties,

the Banks party

thereto and the Agent.

“Fifth Amendment Draw Request”

means the first Revolving Credit Advance or Letter

of Credit requested by the Borrower on or after the Fifth Amendment Effective Date.

“Fifth Amendment Effective Date” means November [_], 2024.

“Security Agreement”

means a security agreement executed by the Loan Parties in favor

of the Agent, for the ratable benefit of the Secured Parties (as defined therein), which shall be

substantially in the form and substance acceptable to the Agent in

its reasonable discretion.

1.2

Amendment to definition of Loan Documents

The definition of Loan Documents

set forth in Section 1.01 of the Existing Credit Agreement is hereby amended

and restated in its

entirety to read as follows:

“Loan Documents”

means this Agreement, the Notes, the Letter of Credit Agreements,

the Letters of Credit, the Security Agreement (from and after a Fifth Amendment Draw

Request), any other document evidencing, relating to or securing the Revolving Credit

Advances, or the Letters of Credit, and any other document or instrument delivered from time

to time in connection with this Agreement, the Notes, the Letter of Credit Agreements, the

Letters of Credit, or Revolving Credit Advances, as such documents and instruments may be

amended or supplemented from time to time.

1.3

Amendment to Section 3.02

Section 3.02 of the Existing Credit Agreement is

hereby amended by adding the following sentence to the end of such

section:

In addition to the forgoing, the obligation of each Bank to make the Fifth Amendment

Draw Request shall be subject to receipt by the Agent of (a) a Security Agreement duly

executed by, and enforceable against, each of the Loan Parties and (b) customary lien

searches in the jurisdiction of incorporation of each Loan Party satisfactory to the

Agent.

1.4

Amendment to Section 3.03

Section 3.03 of the Existing Credit Agreement is

hereby amended by adding the following sentence to the end of such

section:

In addition to the forgoing, the obligation of the Issuing Bank to make the Fifth

Amendment Draw Request shall be subject to receipt by the Agent of (a) a Security Agreement

duly executed by, and enforceable against, each of the Loan Parties and (b) customary lien

searches in the jurisdiction of incorporation of each Loan Party satisfactory to the

Agent.

1.5

Amendment to Section 5.03

. Section 5.03 of the Existing Credit Agreement is hereby

amended and restated in its entirety to read as follows:

5.03 Minimum EBITDAR Coverage Ratio. On the last day of each Fiscal Quarter, the

Minimum EBITDAR Coverage Ratio shall not be less than (a)

with respect to the third Fiscal

Quarter of 2024, 0.90 to 1.0 and (b) with respect to each subsequent Fiscal Quarter, (i) to the

extent Liquidity at any time during such Fiscal Quarter was less than

$100,000,000, 1.15 to

1.0 or (ii) otherwise, 1.05 to 1.0.

Other than with respect to the period beginning on the Fifth

Amendment Effective Date through and including the date financial statements for the 2024

Fiscal Year are

required to be delivered pursuant to Section 5.01, to the extent (i) a Liquidity

Event occurs and (ii) the Minimum EBITDAR Coverage Ratio as of

the most recently ended

Fiscal Quarter for which Financial Statements have been delivered was less than 1.05 to 1.0,

the Borrower shall be in violation of this Section 5.03 and an immediate Event of Default shall

occur pursuant to Section 6.01(b).

1.6

Amendment to Section 5.11(o)

. Clause (o) appearing in Section 5.11 of the Credit

Agreement is hereby amended and restated in its entirety to read

as follows:

(o)

Liens (i) created pursuant to the Loan Documents (including the Security

Agreement) and (ii) not described in subclauses (a) through (n) above, the foregoing clause

(o)(i), or subclause (m) below that relate to liabilities not in excess of $2,000,000 in the

aggregate; and

1.7

Amendment to Section 6.01(p)

. Clause (p) appearing in Section 6.01 of the Existing

Credit Agreement is hereby amended and restated in its entirety to read

as follows:

(p) the Security Agreement shall for any reason cease to create a valid and perfected

first priority Lien (subject to Liens permitted pursuant to Section 5.11) on, or security interest

in, any of the Collateral (as defined in the Security Agreement) purported to be covered

thereby, in each case other than in accordance with the express terms hereof

or thereof,

ARTICLE II

CONDITIONS TO

EFFECTIVENESS

This Amendment shall become effective as of the day and year set forth above

(the “Fifth

Amendment Effective Date”) when the Agent shall have received a copy of this

Amendment duly

executed by each of the Borrower, the other Loan Parties, the Required Banks and the Agent.

ARTICLE III

MISCELLANEOUS

3.1

Amended Terms.

On and after the Fifth Amendment Effective Date, all references to

the Existing Credit Agreement in each of the Loan Documents shall hereafter

mean the Amended

Credit Agreement as amended by

this

Amendment.

Except

specifically amended

hereby

otherwise

agreed,

the

Existing

Credit Agreement

hereby

ratified

and

confirmed

and

shall

remain

full

force

and

effect

according

its terms.

3.2

Reaffirmation of Obligations.

The Borrower hereby ratifies the Existing Credit

Agreement

as amended by this Amendment and acknowledges and reaffirms (a) that it is bound by

all

terms of the Existing Credit Agreement as so amended applicable to

it and (b) that it is responsible for

the observance and full performance of its Obligations.

3.3

Loan Document.

This Amendment shall constitute a Loan Document under the terms

of the Amended Credit Agreement.

3.4

Further Assurances.

The Borrower agrees to promptly take such action, upon the

request of the Agent, as is necessary to carry out the intent of this Amendment.

3.5

Entirety.

This Amendment and the other Loan Documents embody the entire

agreement among the parties hereto relating to the subject matter hereof

and thereof and supersede all

previous documents, agreements and understandings, oral or written, relating

to the subject matter

hereof and thereof.

3.6

Counterparts; Telecopy.

This Amendment may be executed in counterparts (and by

different parties hereto in different counterparts), each of which when so executed and delivered

will

constitute an original, but all of which when taken together will constitute

a single contract.

Delivery

of an executed counterpart to this Amendment by telecopy or other electronic

means shall be effective

as an original and shall constitute a representation that an original will

be delivered.

3.7

No Actions, Claims, Etc.

As of the date hereof, the Borrower hereby acknowledges

and confirms that it has no knowledge of any actions, causes of action,

claims, demands, damages and

liabilities of whatever kind or nature, in law or in equity, against the Agent, the Banks, or the Agent’s

or the Banks’ respective officers, employees,

representatives, agents, counsel or directors arising from

any action by such Persons, or failure of such Persons to act under the Existing

Credit Agreement on or

prior to the date hereof.

3.8

NORTH CAROLINA LAW

THIS AMENDMENT SHALL BE CONSTRUED

IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE

OF NORTH

CAROLINA.

3.9

Successors and Assigns.

This Amendment shall be binding upon and inure to the

benefit of the parties hereto and their respective successors and assigns.

3.10

Expenses.

Notwithstanding the provisions of Section 9.03 of the Existing

Credit

Agreement, each party hereto agrees that it shall be responsible for its own

expenses in connection with

this Amendment;

provided

however the Borrower shall pay fees and disbursements of outside counsel

for the Agent in connection with the preparation of this Amendment.

3.11

Consent to Jurisdiction; Service of Process; Waiver of Jury Trial.

The

jurisdiction, service of process and waiver of jury trial provisions set

forth in Section 9.16 of the

Existing Credit Agreement are hereby incorporated by reference,

mutatis mutandis.

[REMAINDER OF PAGE INTENTIONALLY

LEFT BLANK]

IN WITNESS WHEREOF the parties hereto

have caused this Amendment to be duly

executed on

the date first above written.

BORROWER:

THE CATO CORPORATION

By:

_________________________

Charles D. Knight

Executive Vice President and Chief Financial Officer

Acknowledged and Agreed to:

GUARANTORS:

CADEL LLC

By:

Name:

Title:

CHW, LLC

By:

Name:

Title:

CATO

OF TEXAS L.P.

By:

Name:

Title:

CATOSOU

TH LLC

By:

Name:

Title:

catocorp.com, LLC

By:

Name:

Title:

CATOWEST,

LLC

By:

Name:

Title:

CATO

SOUTHWEST, INC.

By:

Name:

Title:

CATO

WO LLC

By:

Name:

Title:

CATO

OF FLORIDA L.L.C.

By:

Name:

Title:

CATO

OF TENNESSEE, LLC

By:

Name:

Title:

CATO

OF VIRGINIA, LLC

By:

Name:

Title:

CATO

OF NORTH CAROLINA, LLC

By:

Name:

Title:

CATO

OF ILLINOIS, LLC

By:

Name:

Title:

CATO

OF SOUTH CAROLINA, LLC

By:

Name:

Title:

OHIO CATO

STORES, LLC

By:

Name:

Title:

CATO

OF GEORGIA, LLC

By:

Name:

Title:

AGENT AND BANKS:

WELLS FARGO BANK, NATIONAL

ASSOCIATION

, as Agent, Issuing Bank and as a Bank

By:

_________________________

Name: Brad D. Bostick

Title: Senior Vice President

EXHIBIT 31.1

PRINCIPAL EXECUTIVE

OFFICER CERTIFICATION

PURSUANT TO

SECURITIES EXCHANGE ACT OF 1934 RULE 13a-14(a)/15d-14(a),

AS ADOPTED

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY

ACT OF 2002

I, John P.

D. Cato, certify that:

I have reviewed this report on Form 10-Q of The Cato Corporation (the “registrant”);

Based

knowledge,

this

report

does

not

contain

any

untrue

statement

material

fact

omit

state

material

fact

necessary

make

the

statements

made,

light

the

circumstances

under

which

such statements were made, not misleading with respect to the period

covered by this report;

Based

knowledge,

the

financial

statements,

and

other

financial

information

included

this

report,

fairly present

in all

material respects

the financial

condition,

results of

operations

and

cash

flows of

the registrant

as of,

and for, the periods presented in this report;

The

registrant’s

other

certifying

officer

and

are

responsible

for

establishing

and

maintaining

disclosure

controls

and

procedures

(as defined

in Exchange

Act Rules 13a-15(e)

and 15d-15(e))

and internal

control over

financial reporting

(as

defined

Exchange

Act

Rules

13a-15(f)

and

15d-15(f))

for

the

registrant

and have:

Designed

such

disclosure

controls

and

procedures,

caused

such

disclosure

controls

and

procedures

designed

under

our

supervision,

ensure

that

material

information

relating

the

registrant,

including

its

consolidated

subsidiaries,

made

known

others

within

those

entities,

particularly during the period in which this report is being prepared;

Designed such

internal control

over financial

reporting, or

caused such

internal control

over financial

reporting to

designed under our supervision,

to provide reasonable assurance

regarding the reliability

of financial reporting and

the

preparation of financial statements for external purposes in accordance

with generally accepted accounting principles;

Evaluated

the

effectiveness

the

registrant’s

disclosure

controls

and

procedures

and

presented

this

report

our

conclusions

about

the

effectiveness

the

disclosure

controls

and

procedures,

the

end

of the period covered by this report based on such evaluation; and

Disclosed

this

report

any

change

the

registrant’s

internal

control

over

financial

reporting

that

occurred

during

the

registrant’s

most

recent

fiscal

quarter

(the

registrant’s

fourth

fiscal

quarter

the

case

annual

report)

that

has

materially

affected,

reasonably

likely

materially

affect,

the

registrant’s

internal control over financial reporting; and

The registrant’s

other certifying

officer and

I have disclosed,

based on

our most recent

evaluation of

internal control

over

financial

reporting,

the registrant’s

auditors

and

the audit

committee

of the

registrant’s

board

of directors

(or

persons

performing the equivalent functions):

All

significant

deficiencies

and

material

weaknesses

the

design

operation

internal

control

over

financial

reporting

which

are

reasonably

likely

adversely

affect

the

registrant’s

ability

record,

process, summarize and report financial information; and

Any

fraud,

whether

not

material,

that

involves

management

other

employees

who

have

significant role in the registrant’s internal

control over financial reporting.

Date: November 26, 2024

/s/ John P.

D. Cato

John P.

D. Cato

Chairman, President and

Chief Executive Officer

EXHIBIT 31.2

PRINCIPAL FINANCIAL

OFFICER CERTIFICATION

PURSUANT TO

SECURITIES EXCHANGE ACT OF 1934 RULE 13a-14(a)/15d-14(a),

AS ADOPTED

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY

ACT OF 2002

I, Charles D. Knight, certify that:

I have reviewed this report on Form 10-Q of The Cato Corporation (the “registrant”);

Based

knowledge,

this

report

does

not

contain

any

untrue

statement

material

fact

omit

state

material

fact

necessary

make

the

statements

made,

light

the

circumstances

under

which

such statements were made, not misleading with respect to the period

covered by this report;

Based

knowledge,

the

financial

statements,

and

other

financial

information

included

this

report,

fairly present

in all

material respects

the financial

condition,

results of

operations

and

cash

flows of

the registrant

as of,

and for, the periods presented in this report;

The

registrant’s

other

certifying

officer

and

are

responsible

for

establishing

and

maintaining

disclosure

controls

and

procedures

(as defined

in Exchange

Act Rules 13a-15(e)

and 15d-15(e))

and internal

control over

financial reporting

(as

defined

Exchange

Act

Rules

13a-15(f)

and

15d-15(f))

for

the

registrant

and have:

Designed

such

disclosure

controls

and

procedures,

caused

such

disclosure

controls

and

procedures

designed

under

our

supervision,

ensure

that

material

information

relating

the

registrant,

including

its

consolidated

subsidiaries,

made

known

others

within

those

entities,

particularly during the period in which this report is being prepared;

Designed such

internal control

over financial

reporting, or

caused such

internal control

over financial

reporting to

designed under our supervision,

to provide reasonable assurance

regarding the reliability

of financial reporting and

the

preparation of financial statements for external purposes in accordance

with generally accepted accounting principles;

Evaluated

the

effectiveness

the

registrant’s

disclosure

controls

and

procedures

and

presented

this

report

our

conclusions

about

the

effectiveness

the

disclosure

controls

and

procedures,

the

end

of the period covered by this report based on such evaluation; and

Disclosed

this

report

any

change

the

registrant’s

internal

control

over

financial

reporting

that

occurred

during

the

registrant’s

most

recent

fiscal

quarter

(the

registrant’s

fourth

fiscal

quarter

the

case

annual

report)

that

has

materially

affected,

reasonably

likely

materially

affect,

the

registrant’s

internal control over financial reporting; and

The registrant’s

other certifying

officer and

I have disclosed,

based on

our most recent

evaluation of

internal control

over

financial

reporting,

the registrant’s

auditors

and

the audit

committee

of the

registrant’s

board

of directors

(or

persons

performing the equivalent functions):

All

significant

deficiencies

and

material

weaknesses

the

design

operation

internal

control

over

financial

reporting

which

are

reasonably

likely

adversely

affect

the

registrant’s

ability

record,

process, summarize and report financial information; and

Any

fraud,

whether

not

material,

that

involves

management

other

employees

who

have

significant role in the registrant’s internal

control over financial reporting.

Date: November 26, 2024

/s/ Charles D. Knight

Charles D. Knight

Executive Vice President

Chief Financial Officer

EXHIBIT 32.1

CERTIFICATION OF PERIODIC REPORT

John

Cato,

Chairman,

President

and

Chief

Executive

Officer

The

Cato

Corporation

(the

“Company”), certify,

pursuant to

Section 906 of

the Sarbanes-Oxley

Act of

2002, 18

U.S.C. Section 1350,

that on the date of this

Certification:

the Form 10-Q of the Company for

the quarter ended November 2, 2024 (the

“Report”) fully complies

with the requirements of Section 13(a)

or 15(d) of the Securities

Exchange Act of 1934; and

the information contained in the Report

fairly presents, in all material respects, the

financial condition and

results of operations of the Company.

Dated: November 26, 2024

/s/ John P.

D. Cato

John P.

D. Cato

Chairman, President and

Chief Executive Officer

EXHIBIT 32.2

CERTIFICATION OF PERIODIC REPORT

Charles

Knight,

Executive

Vice

President,

Chief

Financial

Officer

The

Cato

Corporation

(the

“Company”), certify,

pursuant to

Section 906 of

the Sarbanes-Oxley

Act of

2002, 18

U.S.C. Section 1350,

that on the date of this

Certification:

the

Form 10-Q of

the

Company for

the

quarter

ended November

2024

(the “Report”)

fully

complies

with the requirements of Section 13(a)

or 15(d) of the Securities

Exchange Act of 1934; and

the information contained in the Report fairly presents, in all material respects, the financial condition and

results of operations of the Company.

Dated: November 26, 2024

/s/ Charles D. Knight

Charles D. Knight

Executive Vice President

Chief Financial Officer

Document and Entity Information	9 Months Ended
Document and Entity Information	Nov. 02, 2024 shares
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 02, 2024
Document Transition Report	false
Entity File Number	1-31340
Entity Registrant Name	THE CATO CORPORATION
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	56-0484485
Entity Address Address Line 1	8100 Denmark Road
Entity Address City Or Town	Charlotte
Entity Address State Or Province	NC
Entity Address Postal Zip Code	28273-5975
City Area Code	(704)
Local Phone Number	554-8510
Security 12b Title	Class A - Common Stock, par value $.033 per share
Trading Symbol	CATO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--02-01
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000018255
Amendment Flag	false
Class A Common Stock [Member]
Class of Stock [Line Items]
Entity Common Stock Shares Outstanding	18,774,124
Convertible Class B Common Stock [Member]
Class of Stock [Line Items]
Entity Common Stock Shares Outstanding	1,763,652

Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Revenues
Retail sales	$ 144,642,000	$ 156,682,000	$ 486,848,000	$ 528,174,000
Other revenue (principally finance charges, late fees and layaway charges)	1,528,000	1,574,000	5,049,000	5,003,000
Total revenues	146,170,000	158,256,000	491,897,000	533,177,000
COSTS AND EXPENSES, NET
Cost of goods sold (exclusive of depreciation shown below)	102,955,000	105,832,000	324,582,000	345,536,000
Selling, general and administrative (exclusive of depreciation shown below)	57,876,000	61,792,000	172,809,000	185,344,000
Depreciation	2,737,000	2,504,000	7,106,000	7,371,000
Interest and other income	(2,646,000)	(1,523,000)	(10,209,000)	(3,754,000)
Costs and expenses, net	160,922,000	168,605,000	494,288,000	534,497,000
Income before income taxes	(14,752,000)	(10,349,000)	(2,391,000)	(1,320,000)
Income tax (benefit) expense	322,000	(4,272,000)	1,614,000	(797,000)
Net loss	$ (15,074,000)	$ (6,077,000)	$ (4,005,000)	$ (523,000)
Basic loss per share	$ (0.79)	$ (0.30)	$ (0.24)	$ (0.02)
Diluted loss per share	$ (0.79)	$ (0.30)	$ (0.24)	$ (0.02)
Comprehensive income:
Net loss	$ (15,074,000)	$ (6,077,000)	$ (4,005,000)	$ (523,000)
Unrealized gain (loss) on available-for-sale securities, net of deferred income taxes of $60 and $217 for the three and nine months ended October 28, 2023, respectively	(151,000)	201,000	(223,000)	723,000
Comprehensive income (loss)	$ (15,225,000)	$ (5,876,000)	$ (4,228,000)	$ 200,000

Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended					9 Months Ended
	Aug. 28, 2024	Aug. 03, 2024	May 04, 2024	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023	Oct. 28, 2023
Condensed Consolidated Statements of Income and Comprehensive Income [Abstract]
Unrealized gain (loss) on available-for-sale securities, deferred income tax	$ 0	$ 0	$ 0	$ 60	$ 50	$ 107	$ 217

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 02, 2024	Feb. 03, 2024
Current Assets:
Cash and cash equivalents	$ 20,216	$ 23,940
Short-term investments	65,994	79,012
Restricted cash	3,355	3,973
Accounts receivable, net of allowance for customer credit losses of $670 and $705 at November 2, 2024 and February 3, 2024, respectively	24,776	29,751
Merchandise inventories	107,159	98,603
Prepaid expenses and other current assets	8,705	7,783
Total Current Assets	230,205	243,062
Property and equipment - net	62,648	64,022
Other assets	19,783	25,047
Right-of-Use assets - net	111,769	154,686
Total Assets	424,405	486,817
Current Liabilities:
Accounts payable	84,169	87,821
Accrued expenses	38,158	37,404
Accrued employee benefits and bonus	1,370	1,675
Current lease liability	45,836	61,108
Total Current Liabilities	169,533	188,008
Other noncurrent liabilities	14,555	14,475
Lease liability	63,218	92,013
Stockholders' Equity:
Preferred stock, $100 par value per share, 100,000 shares authorized, none issued	0	0
Common stock	693	694
Additional paid-in capital	128,827	126,953
Retained earnings	47,407	64,279
Accumulated other comprehensive income	172	395
Total Stockholders' Equity	177,099	192,321
Total Liabilities and Stockholders' Equity	424,405	486,817
Class A Common Stock [Member]
Stockholders' Equity:
Common stock	634	635
Convertible Class B Common Stock [Member]
Stockholders' Equity:
Common stock	$ 59	$ 59

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Nov. 02, 2024	Feb. 03, 2024
Consolidated Balance Sheet Parenthetical [Abstract]
Allowance for Doubtful Accounts Receivable, Current	$ 670	$ 705
Preferred Stock Par or Stated Value per Share	$ 100	$ 100
Preferred Stock Shares Authorized	100,000	100,000
Preferred Stock, Shares Issued	0	0
Class A Common Stock [Member]
Consolidated Balance Sheet Parenthetical [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.033	$ 0.033
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares Issued	18,774,124	18,802,742
Convertible Class B Common Stock [Member]
Consolidated Balance Sheet Parenthetical [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.033	$ 0.033
Common Stock, Shares Authorized	15,000,000	15,000,000
Common Stock, Shares Issued	1,763,652	1,763,652

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023
Operating Activities:
Net loss	$ (4,005)	$ (523)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation	7,106	7,371
Provision for customer credit losses	492	397
Purchase premium and discount accretion of investments	(848)	(226)
Gain on sale of assets held for investment	(5,350)	0
Share-based compensation	1,581	3,189
Deferred income taxes	0	(1,981)
Loss on disposal of property and equipment	116	13
Changes in operating assets and liabilities which provided (used) cash:
Accounts receivable	1,283	(1,815)
Merchandise inventories	(8,556)	13,184
Prepaid and other assets	(1,315)	(1,716)
Operating lease right-of-use assets and liabilities	(1,151)	(1,499)
Accrued income taxes	0	1,375
Accounts payable, accrued expenses and other liabilities	(2,619)	(6,099)
Net cash (used in) provided by operating activities	(13,266)	11,670
Investing Activities:
Expenditures for property and equipment	(6,509)	(10,271)
Purchase of short-term investments	(38,659)	(44,595)
Sales of short-term investments	52,994	60,999
Sales of other assets	13,674	0
Net cash provided by investing activities	21,500	6,133
Financing Activities:
Dividends paid	(10,516)	(10,457)
Repurchase of common stock	(2,398)	(2,563)
Proceeds from employee stock purchase plan	338	357
Net cash used in financing activities	(12,576)	(12,663)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(4,342)	5,140
Cash, cash equivalents, and restricted cash at beginning of period	27,913	23,792
Cash, cash equivalents, and restricted cash at end of period	23,571	28,932
Non-cash activity:
Accrued other assets and property and equipment expenditures	$ 440	$ 1,100

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]
Balance at Jan. 28, 2023	$ 226,593	$ 691	$ 122,431	$ 104,709	$ (1,238)
Net income (loss)	4,428	0	0	4,428	0
Unrealized net gains (losses) on available-for-sale securities, net of deferred income tax expense	355	0	0	0	355
Dividends paid	(3,455)	0	0	(3,455)	0
Class A common stock sold through employee stock purchase plan	195	0	195	0	0
Share-based compensation issuances and exercises	3	0	0	3	0
Share-based compensation expense	929	0	929	0	0
Repurchase and retirement of treasury shares	(2,267)	(8)	0	(2,259)	0
Balance at Apr. 29, 2023	226,781	683	123,555	103,426	(883)
Balance at Jan. 28, 2023	226,593	691	122,431	104,709	(1,238)
Net income (loss)	(523)
Unrealized net gains (losses) on available-for-sale securities, net of deferred income tax expense	723
Balance at Oct. 28, 2023	217,318	695	125,949	91,189	(515)
Balance at Apr. 29, 2023	226,781	683	123,555	103,426	(883)
Net income (loss)	1,127	0	0	1,127	0
Unrealized net gains (losses) on available-for-sale securities, net of deferred income tax expense	167	0	0	0	167
Dividends paid	(3,507)	0	0	(3,507)	0
Class A common stock sold through employee stock purchase plan	32	1	31	0	0
Share-based compensation expense	1,227	12	1,212	3	0
Repurchase and retirement of treasury shares	(294)	(1)	0	(293)	0
Balance at Jul. 29, 2023	225,533	695	124,798	100,756	(716)
Net income (loss)	(6,077)	0	0	(6,077)	0
Unrealized net gains (losses) on available-for-sale securities, net of deferred income tax expense	201	0	0	0	201
Dividends paid	(3,495)	0	0	(3,495)	0
Class A common stock sold through employee stock purchase plan	189	1	188	0	0
Share-based compensation expense	967	(1)	963	5	0
Balance at Oct. 28, 2023	217,318	695	125,949	91,189	(515)
Balance at Feb. 03, 2024	192,321	694	126,953	64,279	395
Net income (loss)	10,974	0	0	10,974	0
Unrealized net gains (losses) on available-for-sale securities, net of deferred income tax expense	(748)	0	0	0	(748)
Dividends paid	(3,523)	0	0	(3,523)	0
Class A common stock sold through employee stock purchase plan	190	1	189	0	0
Share-based compensation issuances and exercises	18	13	0	5	0
Share-based compensation expense	(84)	0	(84)	0	0
Repurchase and retirement of treasury shares	(2,237)	(14)	0	(2,223)	0
Balance at May. 04, 2024	196,911	694	127,058	69,512	(353)
Balance at Feb. 03, 2024	192,321	694	126,953	64,279	395
Net income (loss)	(4,005)
Unrealized net gains (losses) on available-for-sale securities, net of deferred income tax expense	(223)
Balance at Nov. 02, 2024	177,099	693	128,827	47,407	172
Balance at May. 04, 2024	196,911	694	127,058	69,512	(353)
Net income (loss)	95	0	0	95	0
Unrealized net gains (losses) on available-for-sale securities, net of deferred income tax expense	676	0	0	0	676
Dividends paid	(3,527)	0	0	(3,527)	0
Class A common stock sold through employee stock purchase plan	35	0	35	0	0
Share-based compensation expense	872	0	858	14	0
Balance at Aug. 03, 2024	195,062	694	127,951	66,094	323
Net income (loss)	(15,074)	0	0	(15,074)	0
Unrealized net gains (losses) on available-for-sale securities, net of deferred income tax expense	(151)	0	0	0	(151)
Dividends paid	(3,466)	0	0	(3,466)	0
Class A common stock sold through employee stock purchase plan	173	1	172	0	0
Share-based compensation expense	714	(1)	704	11	0
Repurchase and retirement of treasury shares	(159)	(1)	0	(158)	0
Balance at Nov. 02, 2024	$ 177,099	$ 693	$ 128,827	$ 47,407	$ 172

Condensed Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Nov. 02, 2024	Aug. 03, 2024	May 04, 2024	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023
Condensed Consolidated Statements of Stockholders' Equity [Abstract]
Unrealized gain (loss) on available-for-sale securities, deferred income tax		$ 0	$ 0	$ 60	$ 50	$ 107
Stock Transactions, Parenthetical Disclosures [Abstract]
Dividends per share	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17

General	9 Months Ended
General	Nov. 02, 2024
General [Abstract]
General	NOTE 1 - GENERAL : The condensed consolidated financial statements as of November 2, 2024 and for the three and nine months ended November 2, 2024 and October 28, 2023 have been prepared from the accounting records of The Cato Corporation and its wholly-owned subsidiaries (the “Company”), and all amounts shown are unaudited. In the opinion of management, all adjustments considered necessary for a fair statement of the financial statements have been included. All such adjustments are of a normal, recurring nature unless otherwise noted. The results of the interim period may not be indicative of the results expected for the entire year. The interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 3, 2024. Amounts as of February 3, 2024 have been derived from the audited balance sheet, but do not include all disclosures required by accounting principles generally accepted in the United States of America. On February 16, 2024, the Company closed on the sale of land held for investment. The sale resulted in a net gain of $ 3.2 million and was included in Interest and other income in the accompanying Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for the nine months ended November 2, 2024. During the current quarter of the fiscal year, the Company received $ 8.6 million from the insurance claim settlement and sale of its corporate jet.

Earnings Per Share	9 Months Ended
Earnings Per Share	Nov. 02, 2024
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 2 - EARNINGS PER SHARE: Accounting Standard Codification (“ASC”) 260 – Earnings Per Share requires dual presentation of basic and diluted Earnings Per Share (“EPS”) on the face of all income statements for all entities with complex capital structures. The Company has presented one basic EPS and one diluted EPS amount for all common shares in the accompanying Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). While the Company’s certificate of incorporation provides the right for the Board of Directors to declare dividends on Class A shares without declaration of commensurate dividends on Class B shares, the Company has historically paid the same dividends to both Class A and Class B shareholders and the Board of Directors has resolved to continue this practice. Accordingly, the Company’s allocation of income for purposes of the EPS computation is the same for Class A and Class B shares and the EPS amounts reported herein are applicable to both Class A and Class B shares. Basic EPS is computed as net income (loss) less earnings allocated to non-vested equity awards divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options and the Employee Stock Purchase Plan. Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 (Dollars in thousands, except per share data) Numerator Net loss $ (15,074) $ (6,077) $ (4,005) $ (523) Earnings (loss) allocated to non-vested equity awards (200) 346 (548) 49 Net loss available to common stockholders $ (15,274) $ (5,731) $ (4,553) $ (474) Denominator Basic weighted average common shares outstanding 19,302,107 19,421,701 19,318,794 19,373,411 Diluted weighted average common shares outstanding 19,302,107 19,421,701 19,318,794 19,373,411 Net loss per common share Basic loss per share $ (0.79) $ (0.30) $ (0.24) $ (0.02) Diluted loss per share $ (0.79) $ (0.30) $ (0.24) $ (0.02)

Accumulated Other Comprehensive Income	9 Months Ended
Accumulated Other Comprehensive Income	Nov. 02, 2024
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income	NOTE 3 – ACCUMULATED OTHER COMPREHENSIVE INCOME: The following table sets forth information regarding the reclassification out of Accumulated other comprehensive income (in thousands) for the three months ended November 2, 2024: Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at August 3, 2024 $ 323 Other comprehensive income (loss) before reclassification (151) Amounts reclassified from accumulated other comprehensive income to net income - Net current-period other comprehensive income (loss) (151) Ending Balance at November 2, 2024 $ 172 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to accumulated other comprehensive income. The following table sets forth information regarding the reclassification out of Accumulated other comprehensive income (in thousands) for the nine months ended November 2, 2024: Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at February 3, 2024 $ 395 Other comprehensive income (loss) before reclassification 563 Amounts reclassified from accumulated other comprehensive income to net income (b) (786) Net current-period other comprehensive income (loss) (223) Ending Balance at November 2, 2024 $ 172 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to accumulated other comprehensive income. (b) Includes $1,022 impact of Accumulated other comprehensive income reclassifications into Interest and other income for net realized gains on available-for-sale securities. The tax impact of this reclassification was $ 236 . NOTE 3 – ACCUMULATED OTHER COMPREHENSIVE INCOME (CONTINUED): The following table sets forth information regarding the reclassification out of Accumulated other comprehensive income (in thousands) for the three months ended October 28, 2023: Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at July 29, 2023 $ (716) Other comprehensive income (loss) before reclassification 185 Amounts reclassified from accumulated other comprehensive income to net income (b) 16 Net current-period other comprehensive income (loss) 201 Ending Balance at October 28, 2023 $ (515) (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to accumulated other comprehensive income. (b) Includes $ 20 impact of Accumulated other comprehensive income reclassifications into Interest and other income for net realized gains on available-for-sale securities. The tax impact of this reclassification was $ 4 . The following table sets forth information regarding the reclassification out of Accumulated other comprehensive income (in thousands) for the nine months ended October 28, 2023: Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at January 28, 2023 $ (1,238) Other comprehensive income (loss) before reclassification 704 Amounts reclassified from accumulated other comprehensive income to net income (b) 19 Net current-period other comprehensive income (loss) 723 Ending Balance at October 28, 2023 $ (515) (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to accumulated other comprehensive income. (b) Includes $ 24 impact of Accumulated other comprehensive income reclassifications into Interest and other income for net realized gains on available-for-sale securities. The tax impact of this reclassification was $ 5 .

Financing Arrangements	9 Months Ended
Financing Arrangements	Nov. 02, 2024
Financing Arrangements [Abstract]
Financing Arrangements	NOTE 4 – FINANCING ARRANGEMENTS: At November 2, 2024, the Company had a revolving credit agreement, which provides for borrowings of up to $ 35.0 million, less the balance of any revocable letters of credit related to purchase commitments, and is committed through May 2027. The credit agreement contains various financial covenants and limitations, including the maintenance of specific financial ratios. On April 25, 2024, the Company amended the revolving credit agreement to modify a definition used in calculating the Company’s minimum EBITDAR coverage ratio to add back certain income tax receivables included in the calculation of the ratio. On November 1, 2024, the Company amended the revolving credit agreement to lower the minimum EBITDAR coverage ratio and the corresponding minimum cash and investments used to determine the EBITDAR coverage ratio in exchange for a secured position in any future borrowings. For the quarter ended November 2, 2024, after giving effect to the amendments, the Company was in compliance with the credit agreement. There were no borrowings outstanding, no r any outstanding letters of credit that reduced borrowing availability, as of November 2, 2024. The weighted average interest rate under the credit facility was zero at November 2, 2024 due to no outstanding borrowings.

Reportable Segment Information	9 Months Ended
Reportable Segment Information	Nov. 02, 2024
Reportable Segment Information [Abstract]
Reportable Segment Information	NOTE 5 – REPORTABLE SEGMENT INFORMATION: The Company has determined that it has four operating segments, as defined under ASC 280 – Segment Reporting , including Cato, It’s Fashion, Versona and Credit. As outlined in ASC 280-10, the Company has two reportable segments: Retail and Credit. The Company has aggregated its three retail operating segments, including e-commerce, based on the aggregation criteria outlined in ASC 280-10, which states that two or more operating segments may be aggregated into a single reportable segment if aggregation is consistent with the objective and basic principles of ASC 280-10, which require the segments to have similar economic characteristics, products, production processes, clients and methods of distribution. The Company’s retail operating segments have similar economic characteristics and similar operating, financial and competitive risks. The products sold in each retail operating segment are similar in nature, as they all offer women’s apparel, shoes and accessories. Merchandise inventory of the Company’s retail operating segments is sourced from the same countries and some of the same vendors, using similar production processes. Merchandise for the Company’s retail operating segments is distributed to retail stores in a similar manner through the Company’s single distribution center and is subsequently sold to customers in a similar manner. The Company operates its women’s fashion specialty retail stores in 31 states as of November 2, 2024, principally in the southeastern United States. The Company offers its own credit card to its customers and all credit authorizations, payment processing and collection efforts are performed by separate wholly- owned subsidiaries of the Company. NOTE 5 – REPORTABLE SEGMENT INFORMATION (CONTINUED): The following schedule summarizes certain segment information (in thousands): Three Months Ended Nine Months Ended November 2, 2024 Retail Credit Total November 2, 2024 Retail Credit Total Revenues $145,508 $662 $146,170 Revenues $489,893 $2,004 $491,897 Depreciation 2,737 - 2,737 Depreciation 7,105 1 7,106 Interest and other income (2,646) - (2,646) Interest and other income (10,209) - (10,209) Income (loss) before income taxes (14,992) 240 (14,752) Income (loss) before income taxes (3,132) 741 (2,391) Capital expenditures 1,710 - 1,710 Capital expenditures 6,509 - 6,509 Three Months Ended Nine Months Ended October 28, 2023 Retail Credit Total October 28, 2023 Retail Credit Total Revenues $157,595 $661 $158,256 Revenues $531,243 $1,934 $533,177 Depreciation 2,504 - 2,504 Depreciation 7,370 1 7,371 Interest and other income (1,523) - (1,523) Interest and other income (3,754) - (3,754) Income (loss) before income taxes (10,604) 255 (10,349) Income (loss) before income taxes (2,014) 694 (1,320) Capital expenditures 1,801 - 1,801 Capital expenditures 10,271 - 10,271 Retail Credit Total Total assets as of November 2, 2024 $386,664 $37,741 $424,405 Total assets as of February 3, 2024 448,488 38,329 486,817 The Company evaluates segment performance based on income before income taxes. The Company does not allocate certain corporate expenses or income taxes to the credit segment. The following schedule summarizes the direct expenses of the credit segment, which are reflected in Selling, general and administrative expenses (in thousands): Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Payroll $ 152 $ 135 $ 466 $ 411 Postage 113 111 330 321 Other expenses 157 160 466 507 Total expenses $ 422 $ 406 $ 1,262 $ 1,239

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Nov. 02, 2024
Stock-Based Compensation [Abstract]
Stock-Based Compensation	NOTE 6 – STOCK-BASED COMPENSATION: As of November 2, 2024, the Company’s 2018 Incentive Compensation Plan allows for the granting of various forms of equity-based awards, including restricted stock and stock options for grant to officers, directors and key employees. The following table presents the number of options and shares of restricted stock initially authorized and available for grant under this plan as of November 2, 2024: 2018 Plan Options and/or restricted stock initially authorized 4,725,000 Options and/or restricted stock available for grant 2,782,782 In accordance with ASC 718 – Compensation–Stock Compensation , the fair value of current restricted stock awards is estimated on the date of grant based on the market price of the Company’s stock and is amortized to compensation expense on a straight-line basis over the related vesting periods. As of November 2, 2024 and February 3, 2024, there was $ 8,212,000 and $ 9,334,000 , respectively, of total unrecognized compensation expense related to nonvested restricted stock awards, which had a remaining weighted-average vesting period of 2.2 years and 2.1 years, respectively. The total compensation expense during the three and nine months ended November 2, 2024 was $ 714,000 and $ 1,520,000 , respectively, compared to a total compensation expense of $ 967,000 and $ 3,126,000 for the three and nine months ended October 28, 2023, respectively. These compensation expenses are classified as a component of Selling, general and administrative expenses in the Condensed Consolidated Statements of Income The following summary shows the changes in the number of shares of unvested restricted stock outstanding during the nine months ended November 2, 2024: Weighted Average Number of Grant Date Fair Shares Value Per Share Restricted stock awards at February 3, 2024 1,123,873 $ 11.32 Granted 386,900 4.80 Vested (232,696) 13.22 Forfeited or expired (48,077) 9.51 Restricted stock awards at November 2, 2024 1,230,000 $ 8.97 NOTE 6 – STOCK BASED-COMPENSATION (CONTINUED): The Company’s Employee Stock Purchase Plan allows eligible full-time employees to purchase a limited number of shares of the Company’s Class A Common Stock during each semi-annual offering period at a 15 % discount through payroll deductions. During the nine months ended November 2, 2024 and October 28, 2023, the Company sold 73,593 and 50,540 shares to employees at an average discount of $ 0.81 and $ 1.23 per share, respectively, under the Employee Stock Purchase Plan. The compensation expense recognized for the 15 % discount given under the Employee Stock Purchase Plan was $ 60,000 and $ 62,000 for the nine months ended November 2, 2024 and October 28, 2023, respectively. These expenses are classified as a component of Selling, general and administrative expenses.

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Nov. 02, 2024
Fair Value Measurements [Abstract]
Fair Value Measurements	NOTE 7 – FAIR VALUE MEASUREMENTS: The following tables set forth information regarding the Company’s financial assets and liabilities that are measured at fair value (in thousands) as of November 2, 2024 and February 3, 2024: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable November 2, 2024 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: State/Municipal Bonds $ 2,253 $ - $ 2,253 $ - Corporate Bonds 52,649 - 52,649 - U.S. Treasury/Agencies Notes and Bonds 10,578 - 10,578 - Cash Surrender Value of Life Insurance 9,109 - - 9,109 Asset-backed Securities (ABS) 514 - 514 - Total Assets $ 75,103 $ - $ 65,994 $ 9,109 Liabilities: Deferred Compensation $ (8,886) $ - $ - $ (8,886) Total Liabilities $ (8,886) $ - $ - $ (8,886) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable February 3, 2024 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: State/Municipal Bonds $ 12,540 $ - $ 12,540 $ - Corporate Bonds 45,400 - 45,400 - U.S. Treasury/Agencies Notes and Bonds 18,114 - 18,114 - Cash Surrender Value of Life Insurance 8,586 - - 8,586 Asset-backed Securities (ABS) 2,958 - 2,958 - Corporate Equities 1,084 1,084 - - Total Assets $ 88,682 $ 1,084 $ 79,012 $ 8,586 Liabilities: Deferred Compensation $ (8,654) $ - $ - $ (8,654) Total Liabilities $ (8,654) $ - $ - $ (8,654) The Company’s investment portfolio was primarily invested in corporate bonds and U.S. Treasury/Agencies notes and bonds held in managed accounts with underlying ratings of A or better at November 2, 2024 and February 3, 2024. The state, municipal and corporate bonds have contractual maturities which range from 13 days to 2.9 years. The U.S. Treasury/Agencies notes and bonds have contractual maturities which range from 3 days to 2.7 years. These securities are classified as available-for-sale and are recorded as Short-term investments and Other assets on the respective Condensed Consolidated Balance Sheets. These assets are carried at fair value with unrealized gains and losses reported net of taxes in Accumulated other comprehensive income. At February 3, 2024, the Company had $ 1.1 million of corporate equities and deferred compensation plan assets of $ 8.6 million. At November 2, 2024, the Company had deferred compensation plan assets of $ 9.1 million. During the nine months ended November 2, 2024, the Company sold its corporate equities. All of these assets are recorded within Other assets in the Condensed Consolidated Balance Sheets. Level 1 category securities are measured at fair value using quoted active market prices. Level 2 investment securities include corporate, state and municipal bonds for which quoted prices may not be available on active exchanges for identical instruments. Their fair value is principally based on market values determined by management with the assistance of a third-party pricing service. Since quoted prices in active markets for identical assets are not available, these prices are determined by the pricing service using observable market information such as quotes from less active markets and/or quoted prices of securities with similar characteristics, among other factors. Deferred compensation plan assets consist of life insurance policies. These life insurance policies are valued based on the cash surrender value of the insurance contract, which is determined based on such factors as the fair value of the underlying assets and discounted cash flow and are therefore classified within Level 3 of the valuation hierarchy. The Level 3 liability associated with the life insurance policies represents a deferred compensation obligation, the value of which is tracked via underlying insurance funds’ net asset values, as recorded in Other noncurrent liabilities in the Condensed Consolidated Balance Sheet. These funds are designed to mirror mutual funds and money market funds that are observable and actively traded. The following tables summarize the change in fair value of the Company’s financial assets and liabilities measured using Level 3 inputs for the nine months ended November 2, 2024 and the year ended February 3, 2024 (in thousands): Fair Value Measurements Using Significant Unobservable Asset Inputs (Level 3) Cash Surrender Value Beginning Balance at February 3, 2024 $ 8,586 Redemptions - Additions - Total gains or (losses): Included in interest and other income (or changes in net assets) 523 Ending Balance at November 2, 2024 $ 9,109 Fair Value Measurements Using Significant Unobservable Liability Inputs (Level 3) Deferred Compensation Beginning Balance at February 3, 2024 $ (8,654) Redemptions 573 Additions (175) Total (gains) or losses: Included in interest and other income (or changes in net assets) (630) Ending Balance at November 2, 2024 $ (8,886) Fair Value Measurements Using Significant Unobservable Asset Inputs (Level 3) Cash Surrender Value Beginning Balance at January 28, 2023 $ 9,274 Redemptions (1,168) Additions - Total gains or (losses): Included in interest and other income (or changes in net assets) 480 Ending Balance at February 3, 2024 $ 8,586 Fair Value Measurements Using Significant Unobservable Liability Inputs (Level 3) Deferred Compensation Beginning Balance at January 28, 2023 $ (8,903) Redemptions 1,119 Additions (292) Total (gains) or losses: Included in interest and other income (or changes in net assets) (578) Ending Balance at February 3, 2024 $ (8,654)

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Nov. 02, 2024
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	NOTE 8 – RECENT ACCOUNTING PRONOUNCEMENTS: In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which modifies disclosure requirements for all public entities that are required to report segment information. The update will change the reporting of segments by adding significant segment expenses, other segment items, title and position of the chief operating decision maker (“CODM”) and how the CODM uses the reported measures to make decisions. The update also requires all annual disclosures about a reportable segment’s profit or loss and assets in interim periods. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the guidance is applicable retrospectively to all prior periods presented in the financial statements. The Company is currently in the process of evaluating the potential impact of adoption of this new guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which modifies the requirements on income tax disclosures to require disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. This guidance is effective for fiscal years beginning after December 15, 2024 for all public business entities, with early adoption and retrospective application permitted. The Company is currently in the process of evaluating the potential impact of adoption of this new guidance on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires public entities to disclose, on an annual and interim basis, disaggregated information in the footnotes about specified information related to certain costs and expenses. This guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently in the process of evaluating the potential impact of adoption of this new guidance on its consolidated financial statements and related disclosures.

Income Taxes	9 Months Ended
Income Taxes	Nov. 02, 2024
Income Taxes [Abstract]
Income Taxes	NOTE 9 – INCOME TAXES: The Company had an effective tax rate for the first nine months of 2024 of ( 67.5 %) compared to an effective tax rate of 60.4 % for the first nine months of fiscal 2023. Income tax expense for the first nine months increased to $ 1.6 million in fiscal 2024 from an income tax benefit of $ 0.8 million in fiscal 2023. The increase in tax expense in 2024 is primarily due to the valuation allowance against net deferred tax assets attributable to U.S. federal net operating loss carryforwards recorded in the fourth quarter of 2023 and a smaller release of reserves for uncertain tax positions.

Commitments And Contingencies	9 Months Ended
Commitments And Contingencies	Nov. 02, 2024
Commitments And Contingencies [Abstract]
Commitments And Contingencies	NOTE 10 – COMMITMENTS AND CONTINGENCIES: The Company is, from time to time, involved in routine litigation incidental to the conduct of its business, including litigation regarding the merchandise that it sells, litigation regarding intellectual property, litigation instituted by persons injured upon premises under the Company’s control, litigation with respect to various employment matters, including alleged discrimination and wage and hour litigation, and litigation with present or former employees. Although such litigation is routine and incidental to the conduct of the Company’s business, as with any business of its size with a significant number of employees and significant merchandise sales, such litigation could result in large monetary awards. Based on information currently available, management does not believe that any reasonably possible losses arising from current pending litigation will have a material adverse effect on the Company’s condensed consolidated financial statements. However, given the inherent uncertainties involved in such matters, an adverse outcome in one or more of such matters could materially and adversely affect the Company’s financial condition, results of operations and cash flows in any particular reporting period. The Company accrues for these matters when the liability is deemed probable and reasonably estimable.

Revenue Recognition	9 Months Ended
Revenue Recognition	Nov. 02, 2024
Revenue Recognition [Abstract]
Revenue Recognition	NOTE 11 – REVENUE RECOGNITION: The Company recognizes sales at the point of purchase when the customer takes possession of the merchandise and pays for the purchase, generally with cash or credit. Sales from purchases made with Cato credit, gift cards and layaway sales from stores are also recorded when the customer takes possession of the merchandise. E-commerce sales are recorded when the risk of loss is transferred to the customer. Gift cards are recorded as deferred revenue until they are redeemed or forfeited. Gift cards do not have expiration dates. Layaway transactions are recorded as deferred revenue until the customer takes possession or forfeits the merchandise. A provision is made for estimated merchandise returns based on sales volumes and the Company’s experience; actual returns have not varied materially from historical amounts. A provision is made for estimated write-offs associated with sales made with the Company’s proprietary credit card. Amounts related to shipping and handling billed to customers in a sales transaction are classified as Other revenue and the costs related to shipping product to customers (billed and accrued) are classified as Cost of goods sold. The Company offers its own proprietary credit card to customers. All credit activity is performed by the Company’s wholly-owned subsidiaries. None of the credit card receivables are secured. During the three and nine months ended November 2, 2024, the Company estimated customer credit losses of $ 154,000 and $ 492,000 , respectively, compared to $ 149,000 and $ 421,000 for the three and nine months ended October 28, 2023, respectively. Sales purchased on the Company’s proprietary credit card for the three and nine months ended November 2, 2024 were $ 5.1 million and $ 16.4 million, respectively, compared to $ 5.7 million and $ 17.4 million for the three and nine months ended October 28, 2023, respectively. The following table provides information about receivables and contract liabilities from contracts with customers (in thousands): Balance as of November 2, 2024 February 3, 2024 Proprietary Credit Card Receivables, net $ 10,716 $ 10,909 Gift Card Liability $ 6,266 $ 8,143

Leases	9 Months Ended
Leases	Nov. 02, 2024
Leases [Abstract]
Leases	NOTE 12 – LEASES: The Company determines whether an arrangement is a lease at inception. The Company has operating leases for stores, offices, warehouse space and equipment. Its leases have remaining lease terms of up to 10 years based on the estimated likelihood of renewal. Some include options to extend the lease term for up to five years , and some include options to terminate the lease within one year . The Company considers these options in determining the lease term used to establish its right-of-use assets and lease liabilities. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. As most of the Company’s leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at commencement date of the lease in determining the present value of lease payments. The components of lease cost are shown below (in thousands): Three Months Ended November 2, 2024 October 28, 2023 Operating lease cost (a) $ 16,755 $ 17,498 Variable lease cost (b) $ 490 $ 544 (a) Includes right-of-use asset amortization of ($ 0.2 ) million and ($ 0.3 ) million for the three months ended November 2, 2024 and October 28, 2023, respectively. (b) Primarily related to monthly percentage rent for stores not presented on the condensed consolidated balance sheets. Nine Months Ended November 2, 2024 October 28, 2023 Operating lease cost (a) $ 50,565 $ 53,174 Variable lease cost (b) $ 1,450 $ 1,642 (a) Includes right-of-use asset amortization of ($ 0.6 ) million and ($ 0.9 ) million for the nine months ended November 2, 2024 and October 28, 2023, respectively. (b) Primarily related to monthly percentage rent for stores not presented on the condensed consolidated balance sheets. Supplemental cash flow information and non-cash activity related to the Company’s operating leases are as follows (in thousands): Operating cash flow information: Three Months Ended November 2, 2024 October 28, 2023 Cash paid for amounts included in the measurement of lease liabilities $ 15,584 $ 16,671 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 1,207 $ (1,468) Nine Months Ended November 2, 2024 October 28, 2023 Cash paid for amounts included in the measurement of lease liabilities $ 46,672 $ 50,696 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 2,564 $ 1,435 Weighted-average remaining lease term and discount rate for the Company’s operating leases are as follows: As of November 2, 2024 October 28, 2023 Weighted-average remaining lease term 1.7 years 1.8 years Weighted-average discount rate 4.84% 3.30% Maturities of lease liabilities by fiscal year for the Company’s operating leases are as follows (in thousands): Fiscal Year 2024 (a) $ 15,226 2025 45,680 2026 29,745 2027 17,027 2028 8,843 Thereafter 1,171 Total lease payments 117,692 Less: Imputed interest 8,638 Present value of lease liabilities $ 109,054 (a) Excluding the nine months ended November 2, 2024

General (Policies)	9 Months Ended
General (Policies)	Nov. 02, 2024
General [Abstract]
Consolidation, Policy	The condensed consolidated financial statements as of November 2, 2024 and for the three and nine months ended November 2, 2024 and October 28, 2023 have been prepared from the accounting records of The Cato Corporation and its wholly-owned subsidiaries (the “Company”), and all amounts shown are unaudited. In the opinion of management, all adjustments considered necessary for a fair statement of the financial statements have been included. All such adjustments are of a normal, recurring nature unless otherwise noted. The results of the interim period may not be indicative of the results expected for the entire year.
Basis of Accounting, Policy	The interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 3, 2024. Amounts as of February 3, 2024 have been derived from the audited balance sheet, but do not include all disclosures required by accounting principles generally accepted in the United States of America.

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Nov. 02, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 (Dollars in thousands, except per share data) Numerator Net loss $ (15,074) $ (6,077) $ (4,005) $ (523) Earnings (loss) allocated to non-vested equity awards (200) 346 (548) 49 Net loss available to common stockholders $ (15,274) $ (5,731) $ (4,553) $ (474) Denominator Basic weighted average common shares outstanding 19,302,107 19,421,701 19,318,794 19,373,411 Diluted weighted average common shares outstanding 19,302,107 19,421,701 19,318,794 19,373,411 Net loss per common share Basic loss per share $ (0.79) $ (0.30) $ (0.24) $ (0.02) Diluted loss per share $ (0.79) $ (0.30) $ (0.24) $ (0.02)

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
Accumulated Other Comprehensive Income (Tables)	Nov. 02, 2024
Accumulated Other Comprehensive Income [Abstract]
Reclassification Out Of Accumulated Other Comprehensive Income (Loss)	Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at August 3, 2024 $ 323 Other comprehensive income (loss) before reclassification (151) Amounts reclassified from accumulated other comprehensive income to net income - Net current-period other comprehensive income (loss) (151) Ending Balance at November 2, 2024 $ 172 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to accumulated other comprehensive income. Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at February 3, 2024 $ 395 Other comprehensive income (loss) before reclassification 563 Amounts reclassified from accumulated other comprehensive income to net income (b) (786) Net current-period other comprehensive income (loss) (223) Ending Balance at November 2, 2024 $ 172 (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to accumulated other comprehensive income. (b) Includes $1,022 impact of Accumulated other comprehensive income reclassifications into Interest and other income for net realized gains on available-for-sale securities. The tax impact of this reclassification was $ 236 . Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at July 29, 2023 $ (716) Other comprehensive income (loss) before reclassification 185 Amounts reclassified from accumulated other comprehensive income to net income (b) 16 Net current-period other comprehensive income (loss) 201 Ending Balance at October 28, 2023 $ (515) (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to accumulated other comprehensive income. (b) Includes $ 20 impact of Accumulated other comprehensive income reclassifications into Interest and other income for net realized gains on available-for-sale securities. The tax impact of this reclassification was $ 4 . Changes in Accumulated Other Comprehensive Income (a) Unrealized Gains and (Losses) on Available-for-Sale Securities Beginning Balance at January 28, 2023 $ (1,238) Other comprehensive income (loss) before reclassification 704 Amounts reclassified from accumulated other comprehensive income to net income (b) 19 Net current-period other comprehensive income (loss) 723 Ending Balance at October 28, 2023 $ (515) (a) All amounts are net-of-tax. Amounts in parentheses indicate a debit/reduction to accumulated other comprehensive income. (b) Includes $ 24 impact of Accumulated other comprehensive income reclassifications into Interest and other income for net realized gains on available-for-sale securities. The tax impact of this reclassification was $ 5 .

Reportable Segment Information (Tables)	9 Months Ended
Reportable Segment Information (Tables)	Nov. 02, 2024
Reportable Segment Information [Abstract]
Schedule Of Segment Reporting Information, By Segment	Three Months Ended Nine Months Ended November 2, 2024 Retail Credit Total November 2, 2024 Retail Credit Total Revenues $145,508 $662 $146,170 Revenues $489,893 $2,004 $491,897 Depreciation 2,737 - 2,737 Depreciation 7,105 1 7,106 Interest and other income (2,646) - (2,646) Interest and other income (10,209) - (10,209) Income (loss) before income taxes (14,992) 240 (14,752) Income (loss) before income taxes (3,132) 741 (2,391) Capital expenditures 1,710 - 1,710 Capital expenditures 6,509 - 6,509 Three Months Ended Nine Months Ended October 28, 2023 Retail Credit Total October 28, 2023 Retail Credit Total Revenues $157,595 $661 $158,256 Revenues $531,243 $1,934 $533,177 Depreciation 2,504 - 2,504 Depreciation 7,370 1 7,371 Interest and other income (1,523) - (1,523) Interest and other income (3,754) - (3,754) Income (loss) before income taxes (10,604) 255 (10,349) Income (loss) before income taxes (2,014) 694 (1,320) Capital expenditures 1,801 - 1,801 Capital expenditures 10,271 - 10,271 Retail Credit Total Total assets as of November 2, 2024 $386,664 $37,741 $424,405 Total assets as of February 3, 2024 448,488 38,329 486,817
Direct Expenses Of Credit Segment in SGA	Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Payroll $ 152 $ 135 $ 466 $ 411 Postage 113 111 330 321 Other expenses 157 160 466 507 Total expenses $ 422 $ 406 $ 1,262 $ 1,239

Stock-Based Compensation (Tables)	9 Months Ended
Stock-Based Compensation (Tables)	Nov. 02, 2024
Stock-Based Compensation [Abstract]
Stock Based Compensation Plans	2018 Plan Options and/or restricted stock initially authorized 4,725,000 Options and/or restricted stock available for grant 2,782,782
Schedule Of Changes In Unvested Restricted Stock Outstanding	Weighted Average Number of Grant Date Fair Shares Value Per Share Restricted stock awards at February 3, 2024 1,123,873 $ 11.32 Granted 386,900 4.80 Vested (232,696) 13.22 Forfeited or expired (48,077) 9.51 Restricted stock awards at November 2, 2024 1,230,000 $ 8.97

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Nov. 02, 2024
Fair Value Measurements [Abstract]
Financial Assets And Liabilities Measured At Fair Value	Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable November 2, 2024 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: State/Municipal Bonds $ 2,253 $ - $ 2,253 $ - Corporate Bonds 52,649 - 52,649 - U.S. Treasury/Agencies Notes and Bonds 10,578 - 10,578 - Cash Surrender Value of Life Insurance 9,109 - - 9,109 Asset-backed Securities (ABS) 514 - 514 - Total Assets $ 75,103 $ - $ 65,994 $ 9,109 Liabilities: Deferred Compensation $ (8,886) $ - $ - $ (8,886) Total Liabilities $ (8,886) $ - $ - $ (8,886) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable February 3, 2024 Assets Inputs Inputs Description Level 1 Level 2 Level 3 Assets: State/Municipal Bonds $ 12,540 $ - $ 12,540 $ - Corporate Bonds 45,400 - 45,400 - U.S. Treasury/Agencies Notes and Bonds 18,114 - 18,114 - Cash Surrender Value of Life Insurance 8,586 - - 8,586 Asset-backed Securities (ABS) 2,958 - 2,958 - Corporate Equities 1,084 1,084 - - Total Assets $ 88,682 $ 1,084 $ 79,012 $ 8,586 Liabilities: Deferred Compensation $ (8,654) $ - $ - $ (8,654) Total Liabilities $ (8,654) $ - $ - $ (8,654)
Change In Fair Value Of Financial Assets And Liabilities Measured Using Level 3 Inputs	Fair Value Measurements Using Significant Unobservable Asset Inputs (Level 3) Cash Surrender Value Beginning Balance at February 3, 2024 $ 8,586 Redemptions - Additions - Total gains or (losses): Included in interest and other income (or changes in net assets) 523 Ending Balance at November 2, 2024 $ 9,109 Fair Value Measurements Using Significant Unobservable Liability Inputs (Level 3) Deferred Compensation Beginning Balance at February 3, 2024 $ (8,654) Redemptions 573 Additions (175) Total (gains) or losses: Included in interest and other income (or changes in net assets) (630) Ending Balance at November 2, 2024 $ (8,886) Fair Value Measurements Using Significant Unobservable Asset Inputs (Level 3) Cash Surrender Value Beginning Balance at January 28, 2023 $ 9,274 Redemptions (1,168) Additions - Total gains or (losses): Included in interest and other income (or changes in net assets) 480 Ending Balance at February 3, 2024 $ 8,586 Fair Value Measurements Using Significant Unobservable Liability Inputs (Level 3) Deferred Compensation Beginning Balance at January 28, 2023 $ (8,903) Redemptions 1,119 Additions (292) Total (gains) or losses: Included in interest and other income (or changes in net assets) (578) Ending Balance at February 3, 2024 $ (8,654)

Revenue Recognition (Tables)	9 Months Ended
Revenue Recognition (Tables)	Nov. 02, 2024
Revenue Recognition [Abstract]
Receivables And Contract Liabilities From Contracts With Customers	Balance as of November 2, 2024 February 3, 2024 Proprietary Credit Card Receivables, net $ 10,716 $ 10,909 Gift Card Liability $ 6,266 $ 8,143

Leases (Tables)	9 Months Ended
Leases (Tables)	Nov. 02, 2024
Leases [Abstract]
Components Of Lease Cost	Three Months Ended November 2, 2024 October 28, 2023 Operating lease cost (a) $ 16,755 $ 17,498 Variable lease cost (b) $ 490 $ 544 (a) Includes right-of-use asset amortization of ($ 0.2 ) million and ($ 0.3 ) million for the three months ended November 2, 2024 and October 28, 2023, respectively. (b) Primarily related to monthly percentage rent for stores not presented on the condensed consolidated balance sheets. Nine Months Ended November 2, 2024 October 28, 2023 Operating lease cost (a) $ 50,565 $ 53,174 Variable lease cost (b) $ 1,450 $ 1,642 (a) Includes right-of-use asset amortization of ($ 0.6 ) million and ($ 0.9 ) million for the nine months ended November 2, 2024 and October 28, 2023, respectively. (b) Primarily related to monthly percentage rent for stores not presented on the condensed consolidated balance sheets.
Operating Cash Flow Information	Operating cash flow information: Three Months Ended November 2, 2024 October 28, 2023 Cash paid for amounts included in the measurement of lease liabilities $ 15,584 $ 16,671 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 1,207 $ (1,468) Nine Months Ended November 2, 2024 October 28, 2023 Cash paid for amounts included in the measurement of lease liabilities $ 46,672 $ 50,696 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 2,564 $ 1,435
Weighted-Average Remaining Lease Term And Discount Rate	As of November 2, 2024 October 28, 2023 Weighted-average remaining lease term 1.7 years 1.8 years Weighted-average discount rate 4.84% 3.30%
Maturities Of Lease Liabilities By Fiscal Year	Fiscal Year 2024 (a) $ 15,226 2025 45,680 2026 29,745 2027 17,027 2028 8,843 Thereafter 1,171 Total lease payments 117,692 Less: Imputed interest 8,638 Present value of lease liabilities $ 109,054 (a) Excluding the nine months ended November 2, 2024

General (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
General (Narrative) (Details) - USD ($) $ in Thousands	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Proceed from insurance claim settlement and sale of corporate jet	$ 8,600
Interest and other income	$ 2,646	$ 1,523	$ 10,209	$ 3,754
Land Held for Investment [Member]
Interest and other income			$ 3,200

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Nov. 02, 2024	Aug. 03, 2024	May 04, 2024	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023	Nov. 02, 2024	Oct. 28, 2023
Earnings Per Share [Abstract]
Net loss	$ (15,074)	$ 95	$ 10,974	$ (6,077)	$ 1,127	$ 4,428	$ (4,005)	$ (523)
Earnings (loss) allocated to non-vested equity awards	(200)			346			(548)	49
Net loss available to common stockholders	$ (15,274)			$ (5,731)			$ (4,553)	$ (474)
Basic weighted average common shares outstanding	19,302,107			19,421,701			19,318,794	19,373,411
Diluted weighted average common shares outstanding	19,302,107			19,421,701			19,318,794	19,373,411
Basic loss per share	$ (0.79)			$ (0.30)			$ (0.24)	$ (0.02)
Diluted loss per share	$ (0.79)			$ (0.30)			$ (0.24)	$ (0.02)

Accumulated Other Comprehensive Income (Reclassification Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Nov. 02, 2024	Aug. 03, 2024	May 04, 2024	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023	Nov. 02, 2024	Oct. 28, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance			$ 395				$ 395
Net current-period other comprehensive income (loss)	$ (151)	$ 676	(748)	$ 201	$ 167	$ 355	(223)	$ 723
Ending Balance	172						172
Changes in Accumulated Other Comprehensive Income (Loss), Unrealized Gains and (Losses) on Available-for-Sale Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	323		$ 395	(716)		$ (1,238)	395	(1,238)
Other comprehensive income (loss) before reclassification	(151)			185			563	704
Amount reclassified from accumulated other comprehensive income to net income	0			16			(786)	19
Net current-period other comprehensive income (loss)	(151)			201			(223)	723
Ending Balance	$ 172	$ 323		$ (515)	$ (716)		$ 172	$ (515)

Accumulated Other Comprehensive Income (Footnote) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax impact of reclassification	$ 322	$ (4,272)	$ 1,614	$ (797)
Reclassified Accumulated Unrealized Gains and Losses [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest and Other Income		20	1,022	24
Tax impact of reclassification		$ 4	$ 236	$ 5

Financing Arrangements (Narrative) (Details) - Revolving Credit Facility [Member]	Nov. 02, 2024 USD ($)
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 35,000,000.0
Borrowings outstanding	0
Outstanding letters of credit	$ 0
Weighted average interest	0.00%

Reportable Segment Information (Narrative) (Details)	9 Months Ended
Reportable Segment Information (Narrative) (Details)	Nov. 02, 2024 Segments States
Segment Reporting Information [Line Items]
Number of operating segments	4
Number of reportable segments	2
Number of states in which company operates \| States	31
Retail Segment [Member]
Segment Reporting Information [Line Items]
Number of operating segments	3

Reportable Segment Information (Schedule of Segment Reporting Information, By Segment) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023	Feb. 03, 2024
Segment Reporting Information [Line Items]
Revenues	$ 146,170,000	$ 158,256,000	$ 491,897,000	$ 533,177,000
Depreciation	2,737,000	2,504,000	7,106,000	7,371,000
Interest and other income	(2,646,000)	(1,523,000)	(10,209,000)	(3,754,000)
Income (Loss) before income taxes	(14,752,000)	(10,349,000)	(2,391,000)	(1,320,000)
Capital expenditures	1,710,000	1,801,000	6,509,000	10,271,000
Assets	424,405,000		424,405,000		$ 486,817,000
Retail Segment [Member]
Segment Reporting Information [Line Items]
Revenues	145,508,000	157,595,000	489,893,000	531,243,000
Depreciation	2,737,000	2,504,000	7,105,000	7,370,000
Interest and other income	(2,646,000)	(1,523,000)	(10,209,000)	(3,754,000)
Income (Loss) before income taxes	(14,992,000)	(10,604,000)	(3,132,000)	(2,014,000)
Capital expenditures	1,710,000	1,801,000	6,509,000	10,271,000
Assets	386,664,000		386,664,000		448,488,000
Credit Segment [Member]
Segment Reporting Information [Line Items]
Revenues	662,000	661,000	2,004,000	1,934,000
Depreciation	0	0	1,000	1,000
Interest and other income	0	0	0	0
Income (Loss) before income taxes	240,000	255,000	741,000	694,000
Capital expenditures	0	$ 0	0	$ 0
Assets	$ 37,741,000		$ 37,741,000		$ 38,329,000

Reportable Segment Information (Direct Expenses of Credit Segment in SGA) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Segment Reporting Information [Line Items]
Total expenses	$ 57,876	$ 61,792	$ 172,809	$ 185,344
Credit Segment [Member]
Segment Reporting Information [Line Items]
Payroll	152	135	466	411
Postage	113	111	330	321
Other expenses	157	160	466	507
Total expenses	$ 422	$ 406	$ 1,262	$ 1,239

Stock-Based Compensation (Narrative) (Details) - Class A Common Stock [Member] - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023	Feb. 03, 2024	Jul. 29, 2023
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized Compensation Expense	$ 8,212,000		$ 8,212,000		$ 9,334,000
Remaining Weighted-Average Vesting Period			2 years 2 months 12 days		2 years 1 month 6 days
Compensation Expense	$ 714,000	$ 967,000	$ 1,520,000	$ 3,126,000
Employee Stock Purchase Plan Share Purchase Discount Rate	15.00%		15.00%
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation Expense			$ 60,000	$ 62,000
Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Sold			73,593	50,540
Employee Stock Purchase Plan Share Purchase Discount	$ 0.81		$ 0.81			$ 1.23

Stock-Based Compensation (Stock Based Compensation Plans) (Details) - 2018 Plan [Member] - Options and or Restricted Stock [Member]	Nov. 02, 2024 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options and/or restricted stock initially authorized	4,725,000
Options and/or restricted stock available for grant	2,782,782

Stock-Based Compensation (Schedule Of Changes In Restricted Stock Outstanding) (Details) - 2004 Plan [Member] - Restricted Stock [Member] - Class A Common Stock [Member]	9 Months Ended
	Nov. 02, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested [Roll Forward]
Restricted Stock Awards Beginning Balance \| shares	1,123,873
Restricted Stock Awards Granted \| shares	386,900
Restricted Stock Awards Vested \| shares	(232,696)
Restricted Stock Awards Forfeited or expired \| shares	(48,077)
Restricted Stock Awards Ending Balance \| shares	1,230,000
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value [Roll Forward]
Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share - Beginning Balance \| $ / shares	$ 11.32
Granted Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share \| $ / shares	4.80
Vested Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share \| $ / shares	13.22
Forfeited or expired Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share \| $ / shares	9.51
Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share - Ending Balance \| $ / shares	$ 8.97

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	Nov. 02, 2024	Feb. 03, 2024
State/Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ 2,253	$ 12,540
State/Municipal Bonds [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Term	13 days
State/Municipal Bonds [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Term	2 years 10 months 24 days
Deferred compensation plan assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ 9,100
Cash Surrender Value of Life Insurance	9,109	8,586
Corporate Equities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		1,084
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ 10,578	$ 18,114
US Treasury Securities [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Term	3 days
US Treasury Securities [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Term	2 years 8 months 12 days

Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value) (Details) - USD ($) $ in Thousands	Nov. 02, 2024	Feb. 03, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets	$ 75,103	$ 88,682
Total Liabilities	(8,886)	(8,654)
Deferred Compensation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Liabilities, Fair Value Disclosure	(8,886)	(8,654)
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets	0	1,084
Total Liabilities	0	0
Level 1 [Member] \| Deferred Compensation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Liabilities, Fair Value Disclosure	0	0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets	65,994	79,012
Total Liabilities	0	0
Level 2 [Member] \| Deferred Compensation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Liabilities, Fair Value Disclosure	0	0
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets	9,109	8,586
Total Liabilities	(8,886)	(8,654)
Level 3 [Member] \| Deferred Compensation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Liabilities, Fair Value Disclosure	(8,886)	(8,654)
State/Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	2,253	12,540
State/Municipal Bonds [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
State/Municipal Bonds [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	2,253	12,540
State/Municipal Bonds [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	52,649	45,400
Corporate Bonds [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
Corporate Bonds [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	52,649	45,400
Corporate Bonds [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
U.S. Treasury/Agencies Notes and Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	10,578	18,114
U.S. Treasury/Agencies Notes and Bonds [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
U.S. Treasury/Agencies Notes and Bonds [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	10,578	18,114
U.S. Treasury/Agencies Notes and Bonds [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
Cash Surrender Value of Life Insurance [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	9,100
Cash Surrender Value of Life Insurance	9,109	8,586
Cash Surrender Value of Life Insurance [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Surrender Value of Life Insurance	0	0
Cash Surrender Value of Life Insurance [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Surrender Value of Life Insurance	0	0
Cash Surrender Value of Life Insurance [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Surrender Value of Life Insurance	9,109	8,586
Asset-backed Securities (ABS)) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	514	2,958
Asset-backed Securities (ABS)) [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
Asset-backed Securities (ABS)) [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	514	2,958
Asset-backed Securities (ABS)) [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ 0	0
Corporate Equities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		1,084
Corporate Equities [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		1,084
Corporate Equities [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		0
Corporate Equities [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		$ 0

Fair Value Measurements (Change In Fair Value Of Financial Assets And Liabilities Measured Using Level 3 Inputs) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Nov. 02, 2024	Feb. 03, 2024
Deferred Compensation [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ (8,654)	$ (8,903)
Redemptions	573	1,119
Additions	(175)	(292)
Total (gains) or losses: Included in interest and other income (or changes in net assets)	(630)	(578)
Ending Balance	(8,886)	(8,654)
Cash Surrender Value of Life Insurance [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	8,586	9,274
Redemptions	0	(1,168)
Additions	0	0
Total gains or (losses): Included in interest and other income (or changes in net assets)	523	480
Ending Balance	$ 9,109	$ 8,586

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Income Taxes [Abstract]
Effective Income Tax Rate			(67.50%)	60.40%
Income tax (benefit) expense	$ 322	$ (4,272)	$ 1,614	$ (797)

Revenue Recognition (Narrative) (Details) - Sales on Company's Proprietary Credit Card [Member] - USD ($)	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Revenue Recognition [Line Items]
Customer credit losses	$ 154,000	$ 149,000	$ 492,000	$ 421,000
Revenue from Contract with Customer, Excluding Assessed Tax	5,100,000	$ 5,700,000	16,400,000	$ 17,400,000
Secured [Member]
Revenue Recognition [Line Items]
Receivable	$ 0		$ 0

Revenue Recognition (Receivables And Contract Liabilities From Contracts With Customers) (Details) - USD ($) $ in Thousands	Nov. 02, 2024	Feb. 03, 2024
Revenue Recognition [Abstract]
Proprietary Credit Card Receivables, net	$ 10,716	$ 10,909
Gift Card Liability	$ 6,266	$ 8,143

Leases (Narrative) (Details)	9 Months Ended
Leases (Narrative) (Details)	Nov. 02, 2024
Lease, Cost [Abstract]
Options to extend the lease term	five years
Option to terminate the lease	within one year
Maximum [Member]
Lease, Cost [Abstract]
Remaining lease terms	10 years

Leases (Components Of Lease Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Lease, Cost [Abstract]
Operating lease cost	$ 16,755	$ 17,498	$ 50,565	$ 53,174
Variable lease cost	490	544	1,450	1,642
Right-of-use asset amortization	$ 200	$ 300	$ 600	$ 900

Leases (Operating Cash Flow Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Lease, Cost [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 15,584	$ 16,671	$ 46,672	$ 50,696
Right-of-use assets obtained in exchange for lease obligations	$ 1,207	$ (1,468)	$ 2,564	$ 1,435

Leases (Weighted-Average Remaining Lease Term And Discount Rate) (Details)	Nov. 02, 2024	Jul. 29, 2023
Lease, Cost [Abstract]
Weighted-average remaining lease term	1 year 8 months 12 days	1 year 9 months 18 days
Weighted-average discount rate	4.84%	3.30%

Leases (Maturities Of Lease Liabilities By Fiscal Year) (Details) $ in Thousands	Nov. 02, 2024 USD ($)
Leases [Abstract]
2024	$ 15,226
2025	45,680
2026	29,745
2027	17,027
2028	8,843
Thereafter	1,171
Total lease payments	117,692
Less: Imputed interest	8,638
Present value of lease liabilities	$ 109,054

Insider Trading Arrangements (Details)	3 Months Ended
Insider Trading Arrangements (Details)	Nov. 02, 2024
Insider Trading Arr [Line Items]
Rule 10b 51 Arr Adopted Flag	false
Rule 10b 51 Arr Trmntd Flag	false
Non Rule 10b 51 Arr Adopted Flag	false
Non Rule 10b 51 Arr Trmntd Flag	false

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CATO Cato Corp