Stage Stores, Inc. reported total sales during February decreased 5.1% to $94 million from $99 million in the prior year four week period. Comparable store sales decreased 7.2%.
Andy Hall, President and Chief Executive Officer, commented, “We were pleased with the way the business performed in the second half of the month, with comparable store sales up approximately 10%. Unfortunately, this was not enough to offset the weakness we experienced in the first half of February, as a result of extreme weather conditions in the center of the country, most notably Texas, Oklahoma, Arkansas and Missouri, which represent close to 51% of our comparable store sales base.”
Hall concluded, “Our inventories are well managed and our underlying fundamental traffic trends remain solid. As a result, we are projecting a 1% to 3% increase in comparable store sales for the first quarter, and will provide additional guidance for the quarter and fiscal year in our fourth quarter 2010 earnings release next Tuesday.”
Store Activity
There were no store openings during February, while one store was closed as a result of the store's roof collapsing, due to excessive weight from accumulated snow, and another store was closed due to smoke damage from a fire in a neighboring store. The company expects to open seven new stores in March and nine new stores in April, all of which will be opened under the Goody's name.
Stage Stores, Inc. operates 784 department stores in small and mid-size towns and communities located in 39 states. Its five banners are Bealls, Goody's, Palais Royal, Peebles and Stage.
