exhibit99

EXHIBIT 99.1

The CATO Corporation

NEWS RELEASE

FOR IMMEDIATE RELEASE

For Further Information Contact:

Charles D. Knight

Executive Vice President

Chief Financial Officer

InvestorRelations@catocorp.com

CATO REPORTS

3Q RESULTS

CHARLOTTE, N.C. (November 17, 2022) – The Cato Corporation (NYSE:

CATO)

today reported a net loss of $4.5

million or ($0.21) per diluted share for the third quarter ended October 29, 2022,

compared to net income of $8.6 million

or $0.39 per diluted share for the third quarter ended October 30, 2021.

Sales for the third quarter ended October 29, 2022 were $174.9 million,

an increase of 3% from sales of $170.5 million for

the third quarter ended October 30, 2021.

The Company’s same-store sales for the quarter increased 3% compared to

2021.

For the nine months ended October 29, 2022, the Company reported net

income of $3.0 million or $0.14 per diluted share,

compared to net income of $43.3 million or $1.93 per diluted share

for the nine months ended October 30, 2021.

Sales for

the nine months ended October 29, 2022 were $574.9 million, a decrease of 2%

to sales of $587.7 million for the nine

months ended October 30, 2021.

Year-to-date same-store sales decreased 2% compared to 2021.

“We are appreciative of the ongoing support of our customers, especially considering the unrelenting pressure inflation

has had on their ability to spend on discretionary items such as fashion apparel.

The actions we’ve taken to improve our

inventory levels, including increased markdowns, has put pressure on our

financial performance during the quarter, as

anticipated,” stated John Cato, Chairman, President, and Chief Executive

Officer.

“We’ve made good progress, but we

will continue to make adjustments to improve our inventory position

and to offer our customers great fashion and

customer service at a compelling value.

We anticipate the remainder of the year to be challenging, given the unusual

economic environment.”

Gross margin decreased from 38.9% to 29.3% of sales in the quarter due to lower

merchandise margins driven by

increased markdowns taken in an effort to align inventory with sales trends and increased

freight and distribution costs.

SG&A expenses as a percent of sales decreased from 36.6% to 35.1%

of sales during the quarter primarily due to reduced

incentive compensation expense, partially offset by increased store payroll

expense, reflecting more normalized

operations, coupled with a higher wage environment. Tax benefit for the quarter was $4.7 million versus a $5.7 million

tax benefit in the prior year.

Year

-to-date gross margin decreased to 32.5% of sales from 41.6% the prior year

primarily due to decreased merchandise

margins driven by increased markdowns taken to align inventory with sales trends

and to clear late merchandise, coupled

with increased freight and distribution costs.

The year-to-date SG&A rate was 31.8% versus 33.5% primarily due to

lower incentive compensation expense, partially offset by increased store payroll expense,

which is a reflection of more

normalized operations and a higher wage environment.

Income tax expense for the nine-month period was $3.0 million,

compared to $1.9 million last year.

During the third quarter ended October 29, 2022, the Company

opened 7 stores and closed 2 stores.

As of October 29,

2022, the Company has 1,317 stores in 32 states, compared to 1,324 stores

in 32 states as of October 30, 2021.

The Cato Corporation is a leading specialty retailer of value-priced fashion apparel

and accessories operating three

concepts, “Cato,” “Versona” and “It’s

Fashion.”

The Company’s Cato stores offer exclusive merchandise with fashion

and quality comparable to mall specialty stores at low prices every

day.

The Company also offers exclusive merchandise

found in its Cato stores at www.catofashions.com.

Versona

is a unique fashion destination offering apparel and

accessories including jewelry, handbags and shoes at exceptional prices every day.

Select Versona

merchandise can also

be found at www.shopversona.com.

It’s Fashion offers fashion with a focus on the latest trendy styles for the entire

family at low prices every day.

Statements in this press release that express a belief, expectation or intention, as well as those that are not a historical

fact,

including, without limitation, statements regarding the Company’s

expected or estimated operational financial

results, activities or opportunities, and potential impacts and effects of the coronavirus are considered “forward-looking”

within the meaning of The Private Securities Litigation Reform

Act of 1995.

Such forward-looking statements are based

on current expectations that are subject to known and unknown risks, uncertainties and other factors that could cause

actual results to differ materially from those contemplated by the forward-looking statements.

Such factors include, but

are not limited to, any actual or perceived deterioration in the conditions that drive consumer confidence and spending,

including, but not limited to, prevailing social, economic, political and public health conditions

and uncertainties, levels

of unemployment, fuel, energy and food costs, wage rates, tax rates, interest rates, home values, consumer net worth and

the availability of credit; changes in laws or regulations affecting our business including but not limited to tariffs;

uncertainties regarding the impact of any governmental action regarding, or responses to, the foregoing conditions;

competitive factors and pricing pressures; our ability to predict and respond to rapidly changing fashion trends and

consumer demands; our ability to successfully implement our new

store development strategy to increase new store

openings and the ability of any such new stores to grow and perform as expected; adverse weather, public health threats

(including the global coronavirus (COVID-19) outbreak) or similar conditions that may affect our sales or operations;

inventory risks due to shifts in market demand, including the ability

to liquidate excess inventory at anticipated margins;

and other factors discussed under “Risk Factors” in Part I, Item 1A

of the Company’s

most recently filed annual report

on Form 10-K and in other reports the Company files with or furnishes to the SEC from time to time.

The Company does

not undertake to publicly update or revise the forward-looking statements even if experience or future changes make it

clear that the projected results expressed or implied therein will not be realized. The Company is not responsible for any

changes made to this press release by wire or Internet services

* * *

THE CATO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS

OF INCOME (UNAUDITED)

FOR THE PERIODS ENDED October 29, 2022 AND October 30, 2021

(Dollars in thousands, except per share data)

Quarter Ended

Nine Months Ended

October 29,

October 30,

October 29,

October 30,

Sales

REVENUES

Retail sales

174,921

100.0%

170,513

100.0%

574,860

100.0%

587,709

100.0%

Other revenue (principally finance,

late fees and layaway charges)

1,705

1.0%

1,700

1.0%

5,351

0.9%

5,335

0.9%

Total revenues

176,626

101.0%

172,213

101.0%

580,211

100.9%

593,044

100.9%

GROSS MARGIN (Memo)

51,169

29.3%

66,288

38.9%

187,116

32.5%

244,222

41.6%

COSTS AND EXPENSES, NET

Cost of goods sold

123,752

70.7%

104,225

61.1%

387,744

67.5%

343,487

58.4%

Selling, general and administrative

61,397

35.1%

62,466

36.6%

182,606

31.8%

196,687

33.5%

Depreciation

2,864

1.6%

3,173

1.9%

8,418

1.5%

9,352

1.6%

Interest and other income

(2,278)

-1.3%

(541)

-0.3%

(4,565)

-0.8%

(1,719)

-0.3%

Costs and expenses, net

185,735

106.2%

169,323

99.3%

574,203

99.9%

547,807

93.2%

Income Before Income Taxes

(9,109)

-5.2%

2,890

1.7%

6,008

1.0%

45,237

7.7%

Income Tax (Benefit)/Expense

(4,656)

-2.7%

(5,713)

-3.4%

2,988

0.5%

1,929

0.3%

Net Income (Loss)

(4,453)

-2.5%

8,603

5.0%

3,020

0.5%

43,308

7.4%

Basic Earnings Per Share

(0.21)

0.39

0.14

1.93

Diluted Earnings Per Share

(0.21)

0.39

0.14

1.93

THE CATO CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

October 29,

January 29,

2022

(Unaudited)

ASSETS

Current Assets

Cash and cash equivalents

17,282

19,759

Short-term investments

128,458

145,998

Restricted cash

3,743

3,919

Accounts receivable - net

25,679

55,812

Merchandise inventories

116,718

124,907

Other current assets

6,947

5,273

Total Current Assets

298,827

355,668

Property and Equipment - net

70,595

63,083

Noncurrent Deferred Income Taxes

9,844

9,313

Other Assets

21,103

24,437

Right-of-Use Assets, net

140,176

181,265

TOTAL

540,545

633,766

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities

147,705

177,327

Current Lease Liability

55,723

66,808

Noncurrent Liabilities

16,688

17,914

Lease Liability

85,622

117,521

Stockholders' Equity

234,807

254,196

TOTAL

540,545

633,766