Stage Stores reported that total sales for the five-week period ended April 3, 2004 increased 51.0% to $110.2 million from $73.0 million in the prior year five-week period ended April 5, 2003. Comparable store sales increased 5.5% versus a decrease of 13.9% last year. The Company noted that total sales include sales for the Peebles stores in the current year's results only, while comparable store sales include comparable store sales for the Peebles stores in both years.
The Company reported that most of its principal categories of business had comparable store sales increases during March, with the only exceptions being dresses, gifts and intimate apparel. The top three performing categories during the month were special size sportswear (+13.6%), misses sportswear (+10.0%) and accessories (+8.8%).
Jim Scarborough, Chairman, President and Chief Executive Officer, commented, “We are pleased with our overall March sales performance. Our comparable store sales gain was driven by stores in our Southern markets, which benefited from favorable weather for spring introductions, as well as from strong demand for clearance items in the early part of the month. Sales results in our Mid-Atlantic markets were negatively impacted by lower levels of clearance inventory as compared to last year, and cooler weather patterns, which dampened enthusiasm for spring items. In general, our performance by population size was encouraging, as our small, mid-size and large market groups each had positive comparable store results during the period. Our small market group led the way with a 7.3% comparable store sales increase.”
SALES SUMMARY
Comparable Store Total Sales
Sales Trend
% Increase (Decrease) ($ in Millions)
Fiscal Period 2004 2003(1) 2004 2003
--------------------- ------------------------ ---------------------
February 8.0% (8.1)% $87.8 $59.5
March 5.5 (13.9) 110.2 73.0
1st Quarter-To-Date 6.6 (11.4) 198.0 132.5(1) 2003 actual results are restated to include Peebles' comparable
store sales.
