Stage Stores total sales increased 48.1% to $61.0 million from $41.2 million in the prior year. The Company noted that the sales growth during the month resulted primarily from the acquisition of Peebles Inc., as well as from the 28 net new stores that have been added since January of last year. Comparable store sales, which include results for the Peebles stores in both years, increased 2.1% as compared to the prior year's decrease of 5.0%.
The Company stated that its accessories, children's, cosmetics,
junior sportswear and shoe departments had comparable store sales
increases during the month that exceeded the Company average.
Commenting on January's sales performance, Jim Scarborough,
Chairman, President and Chief Executive Officer, stated, “We are
pleased that despite inclement winter weather that negatively impacted
sales in our Southeastern and Mid-Atlantic markets during the last
week of the month, we were able to follow our positive December
comparable store sales results with an even stronger performance in
January.”
For the fourth quarter, the Company reported that total sales
increased by 43.5% to $368.6 million from $256.9 million last year,
while comparable store sales, which include results for Peebles stores
in both years, decreased by 0.6% versus a decrease of 5.6% for the
same period last year. For the full 2003 fiscal year, total sales
increased by 11.0% to $972.2 million from $875.6 million in fiscal
2002, while comparable store sales, again including Peebles in both
years, decreased by 3.7% as compared to an increase of 1.9% last year.
FULL YEAR SALES SUMMARY
Comparable Store Sales Trend Total Sales
% Increase (Decrease) ($ in Millions)
Fiscal Period 2003 2002 2003 2002 2003 2002
------------- ------ ------ ------ ------ ------ ------
(Restated to Include (As Reported) (As Reported)
Peebles In Each
Period)
February (8.1)% 7.5% (7.6)% 6.2% $59.5 $62.5
March (13.9) 18.3 (15.6) 14.2 73.0 83.4
April 4.3 (1.8) 3.6 (1.0) 65.5 60.8
-------------------------------------- -----------------
1st Quarter (6.8) 8.5 (7.5) 7.0 198.0 206.7
--------------------------------------- -----------------
May (5.4) 8.9 (6.6) 8.8 65.0 66.9
June (2.7) 9.0 (3.1) 8.9 72.2 71.6
July 0.9 2.7 (1.0) 2.1 70.5 69.0
-------------------------------------- -----------------
2nd Quarter (2.4) 6.8 (3.5) 6.5 207.7 207.5
-------------------------------------- -----------------
August (5.7) 2.8 (7.3) 4.5 71.5 74.5
September (3.5) (3.9) (3.8) (1.8) 69.2 68.8
October (9.3) 5.2 (10.4) 6.9 57.2 61.1
-------------------------------------- -----------------
3rd Quarter (6.0) 1.1 (7.1) 2.9 197.9 204.4
-------------------------------------- -----------------
November (5.8) (7.8) (5.8)(a) (9.4) 96.1(a) 71.4
December 1.2 (4.6) 1.2(a) (5.8) 211.5(a) 144.3
January 2.1 (5.0) 2.1(a) (5.2) 61.0(a) 41.2
-------------------------------------- -----------------
4th Quarter (0.6) (5.6) (0.6)(a) (6.8) 368.6(a) 256.9
-------------------------------------- -----------------
-------------------------------------- -----------------
Full Year(b) (3.7)% 1.9% (4.1)%(a) 1.6% $972.2(a) $875.6
-------------------------------------- -----------------
(a) Includes Peebles' sales beginning in November 2003.
(b) Totals may not foot due to rounding.
Fourth Quarter Outlook
The Company noted that it continues to expect to report earnings
for the fourth quarter consistent with its prior guidance of between
$0.83 and $1.00 per diluted share. The Company plans to release actual
fourth quarter results on March 11th.
Store Activity
During January, the Company closed individual stores in Austin,
Texas, Leesburg, Virginia, Statesville, North Carolina and Alliance,
Ohio. The Company also began store closure sales of its seven
locations in and around Oklahoma City, Oklahoma. The Company noted
that the store closure sales would run through the end of March.
Historically, the Oklahoma City area stores contributed less than
1% of total Company sales, and were performing below acceptable levels
of sales and profit contribution. As a result, consistent with its
strategy to focus primarily on smaller markets, the Company made the
strategic decision to close them. Additionally, the Company stated
that most of these store closings were occurring at or near their
natural lease term expiration dates.
The Company also announced the opening of six new stores in the
first quarter of 2004. These stores will be opened in Columbus, Elgin,
Freeport, Pleasanton and Hillsboro, Texas, as well as in Jackson,
Ohio. Currently, the Company plans to open between 15 and 20 new
stores during fiscal 2004. The Company anticipates that most of these
stores will be opened in small to mid-size markets.
