February Comps up 8.0% at Stage Stores

Stage Stores total sales for the four-week period
ended February 28, 2004 increased 47.6% to $87.8 million from $59.5
million in the prior year four-week period ended March 1, 2003.
Comparable store sales increased 8.0% versus a decrease of 8.1% 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 merchandise categories had
comparable store sales increases during the month, with the only
exceptions being dresses, home & gifts, intimate apparel and young
men's.

Jim Scarborough, Chairman, President and Chief Executive Officer,
commented, “We are very pleased with our solid results for February.
It is especially gratifying to note that our increase was broad-based,
with essentially all of our merchandise categories achieving
comparable store sales increases during the month. Additionally, while
our small market stores continued to lead the way with a combined low
double-digit comparable store sales increase, our large market stores,
in aggregate, achieved positive results during the period as well.”

                             SALES SUMMARY
----------------------------------------------------------------------

                Comparable Store Sales Trend        Total Sales
                   % Increase (Decrease)          ($ in Millions)
Fiscal Period       2004           2003(1)     2004              2003
----------------------------------------------------------------------
 February           8.0%          (8.1)%      $87.8             $59.5


(1) 2003 actual results restated to include Peebles' comparable store
sales.

The Company also confirmed that it will be opening six new stores
during the first quarter. On March 25th, new stores will be opened in
Columbus, Elgin, Freeport, Pleasanton and Hillsboro, Texas. The sixth
new store will be opened in Jackson, Ohio on April 7th. As previously
reported, the Company plans to open between 15 and 20 new stores
during fiscal 2004. “The cornerstone of our growth strategy continues
to be locations in under-served small and mid-size markets that meet
our demographic, competitive and profitability criteria,” added Mr.
Scarborough. “As a result, we anticipate that most of our new stores
this year will be opened in smaller markets.”