The Cato Corp. reported net income of $6 million for the third quarter, up more than 50 percent from the previous year. Shares rose as much as 8 percent on the results.

Earnings per diluted share increased from 16 cents last year to 24 cents. Sales were up 1 percent from last year, while same-store sales increased 4 percent.

The gross margin rate increased due to lower occupancy expenses from 34.5 percent last year to this year’s 37.4 percent. Cato currently holds $228.4 million in cash and short-term investments.

“We remain cautiously optimistic about the fourth quarter as customer buying patterns continue to change and we evaluate the potential impact of current and future tariffs,” said CEO John Cato in a press release.

Cato is a women’s fashion and accessories retailer founded in 1946. It currently operates almost 1,300 stores in 31 states.

Shares of the company were trading at $18.55 Thursday, up $1.04.