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General
 9 Months Ended
Oct. 28, 2023
General [Abstract]  
General
 
NOTE 1 - GENERAL
:
The
 
condensed
 
consolidated
 
financial
 
statements
 
as
 
of
 
October
 
28,
 
2023
 
and
 
for
 
the
 
thirty-nine-week
periods ended October 28, 2023 and October 29, 2022 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
 
presentation 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
January 28, 2023.
 
Amounts as of January 28, 2023 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 November 16, 2023, the Board of Directors maintained the quarterly
 
dividend at $
0.17
 
per share.
During the third quarter of the current fiscal year,
 
the Company received an estimate for costs to repair its
corporate jet,
 
which had
 
sustained damage
 
at
 
the
 
end of
 
the
 
second
 
quarter.
 
The
 
Company determined
that
 
the
 
cost
 
of
 
repair
 
is
 
recoverable
 
and
 
recorded
 
a
 
receivable
 
for
 
the
 
estimated
 
repair
 
cost
 
of
 
$
3.2
million.
 
Management has determined that it is more
 
likely than not that the aircraft
 
will be sold within the next 12
months. The
 
Company reclassified the
 
aircraft as
 
an asset held
 
for sale
 
at its
 
estimated fair value
 
of $
4.2
million, which
 
is included
 
in Other
 
assets in
 
the accompanying Condensed
 
Consolidated Balance Sheets
as of October 28, 2023.