Stage Stores Inc. reported that comparable store sales for the four-week period ended May 31, 2003 decreased 6.6% as compared to the prior year four-week period ended June 1, 2002, during which comparable store sales increased 8.8%. Total sales decreased 2.8% to $65.0 million from $66.9 million in the prior year period.
The Company further reported that its dresses and shoes departments had comparable store sales increases during the month, and its accessories, cosmetics, intimates, juniors and swimwear departments performed better than the Company average.
Jim Scarborough, chairman, president and chief executive officer, commented, “During May, we continued to focus our efforts on driving sales and prudently managing our inventory levels in light of the ongoing weak and highly promotional retail environment. While we saw an increase of approximately 1.4% in our unit sales during the period, the unit increase was more than offset by a decrease in the average price of units sold. The month’s sales mix was comprised of a higher percentage of sale and clearance merchandise as compared to last year, affecting our top-line results. On the brighter side, we continue to maintain appropriate inventory levels, and therefore, we are well positioned to take advantage of opportunistic purchases.”
SALES SUMMARY
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Comparable Store
Sales Trend Total Sales
% Increase (Decrease) ($ in Millions)
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Fiscal Period 2003 2002 2003 2002
-------------- ------- ------- ------- -------
1st Quarter (7.5)% 7.0% $198.0 $206.7
May (6.6) 8.8 65.0 66.9
Year-To-Date (7.3) 7.4 263.0 273.6
