Stage Stores total sales for the four-week October period were relatively flat at $103.8 million versus $103.6 million for the prior year four-week October period. Comparable store sales for the month decreased 2.9% versus a decrease of 2.5% last year. The best performing merchandise categories for the month included children's, cosmetics, intimates, plus sizes and young mens.
Jim Scarborough, Chairman and Chief Executive Officer, commented, “Octobers abnormally warm weather, particularly in our Eastern and Northeastern markets, where a number of cities had their warmest October ever recorded, clearly dampened the demand for our fall assortments. Although our October sales results came in below our expectations, we are comfortable with our inventory levels as we enter the important holiday shopping period.”
For the third quarter ended November 3, 2007, the Company reported that its total sales increased 0.5% to $355.1 million from $353.4 million for last years third quarter ended October 28, 2006. Prior year sales results include inventory liquidation sales of $11.5 million generated by the acquired B.C. Moore stores prior to their conversion to Peebles stores. Comparable store sales for the third quarter decreased 1.0% versus an increase of 4.1% for the prior year period.
Mr. Scarborough added, “While we are still in the process of closing our books for the third quarter, we continue to expect to report earnings within our previously provided earnings outlook range of $0.04 to $0.08 per diluted share.”
