Stage Stores Inc. reported comparable sales for the holiday period. For the nine-week period ended January 4, 2020, comparable sales increased 1.4 percent as compared to the nine-week period ended January 5, 2019. For the 48-week year to date period, comparable sales increased 4.2 percent.
Michael Glazer, president and CEO, commented, “While our positive comparable sales for the holidays did not meet expectations, we remain confident that our off-price strategy will lead to profitable growth in the future. Holiday comparable sales were primarily impacted by lower pre-conversion department store sales relative to our projections and by the warmer holiday season. We now expect fiscal 2019 comparable sales in the range of 4.0 percent to 4.5 percent. In January, comparable sales are off to a strong start, with the first week increasing double digits. In response to the holiday sales performance, we implemented incremental promotional efforts in the fourth quarter to ensure appropriate inventory levels as we enter fiscal 2020. As a result, we now expect full-year 2019 earnings to be approximately $25 million to $30 million below the low-end of the previously announced guidance range.”