Stage Stores, Inc. reported sales for October rose 1.9 percent to $102 million from $100 million in the prior year four week period. Comparable store sales increased 0.8 percent.
Children’s, cosmetics, footwear, junior’s, home & gifts, petites, plus sizes and young men’s achieved comparable store sales increases during October. Geographically, the Mid Atlantic, Midwest and Southeast regions had comparable store sales gains during the month.
For the third quarter, the Company reported that total sales increased 0.5% to $333 million from $332 million last year. Comparable store sales for the quarter decreased 0.6 percent.
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SALES SUMMARY |
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Comparable Store Sales |
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Total Sales |
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% Increase (Decrease)
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($ in Millions)
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Fiscal Period
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2011 |
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2010
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2011
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2010
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1st Quarter |
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0.2 |
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(0.6) |
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347 |
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340 |
2nd Quarter |
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0.9 |
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(1.6) |
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353 |
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345 |
August |
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(1.7) |
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0.5 |
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113 |
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114 |
September |
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(0.7) |
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1.8 |
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118 |
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118 |
October |
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0.8 |
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(3.5) |
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102 |
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100 |
3rd Quarter |
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(0.6) |
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(0.3) |
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333 |
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332 |
Year-To-Date (9 Mos) |
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0.2 |
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(0.9) |
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1,033 |
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1,017 |
Andy Hall, President and Chief Executive Officer, commented, “We are disappointed in missing our third quarter sales projections. Our core moderate income customer continues to experience economic pressure related to high unemployment and gas prices. As a result, our operating environment continues to be very promotional as our customer is focused on price and value. Due to the sales miss and a lower than forecasted gross margin rate, we now expect that the loss per share for the third quarter will be greater than the low end of the earnings guidance range of a $0.21 to $0.24 loss per share.”
Store Activity
The company opened five new stores during October. New Goody’s stores were opened in Independence and Pittsburg, KS, new Peebles stores were opened in Stafford Springs, CT and Gouverneur, NY, and a new Bealls store was opened in Rexburg, ID. Through the first three quarters of the year, the company opened 27 new stores.
The company also successfully opened the first three Steele’s stores on November 1st in Beeville, TX, Bastrop, LA and Minden, LA. The company plans to open between 25 and 35 Steele’s stores in 2012.
On November 2nd, the company completed its 2011 new store opening program with the opening of seven new stores: 5 Goody’s (Huntsville, AL, Jasper, AL, Selma, AL, Enid, OK, Chickasha, OK), 1 Palais Royal (Houston, TX) and 1 Peebles (Hamilton, NY). The company also reopened a store which had been closed due to storm damage.
Stage Stores, Inc. operates primarily in small and mid-sized towns and communities. Its stores, which operate under the Bealls, Goody’s, Palais Royal, Peebles, Stage and Steele’s names, offer moderately priced, nationally recognized brand name apparel, accessories, cosmetics and footwear for the entire family. The company operates 821 stores in 40 states.
