The Cato Corporation (NYSE: CATO) announced that its Board of Directors has authorized an increase in the Company's share repurchase program of 2 million shares. Prior to this authorization, the Company had approximately 840,000 shares remaining in open authorizations. Purchases under the share repurchase program will be made from time to time on the open market or in privately negotiated transactions and will be subject to market conditions and applicable SEC rules. The board's last authorization was in 2014.

John Cato, the Company's Chairman, President and Chief Executive Officer, commented that, "We believe the increase in our stock repurchase program will be beneficial to Cato and continues our focus on enhancing the value of our long-term shareholders' investment. The Company's substantial cash reserves enable the Company to repurchase these shares while maintaining the financial flexibility to pursue its growth plans and continue to pay regular dividends."

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. Additional information on The Cato Corporation is available at www.catocorp.com.