Stage Stores total sales for the four-week period
ended November 29, 2003 increased 34.6% to $96.1 million from $71.4 million in the prior year four-week period ended November 30, 2002. With the acquisition of Peebles Inc. on November 4, 2003, sales for the current year November period include sales from the Peebles stores. Comparable store sales, which include comparable store sales for the Peebles stores in both years, decreased 5.8% as compared to the prior year, during which comparable store sales decreased 7.8%.

The Company stated that its shoe and dresses departments had
comparable store sales increases during the month, and its
accessories, cosmetics, misses sportswear and special size sportswear
departments performed better than the Company average.

Jim Scarborough, Chairman, President and Chief Executive Officer,
commented, “Our comparable store sales for November came in below our
expectations due to a variety of factors, including unseasonably warm
weather and continuing promotional market conditions. While the
current retail environment remains challenging, we are pleased with
our strategic progress and the integration of Peebles, which is
proceeding smoothly. We believe that our expanded geographic presence
will enable us to pursue incremental growth opportunities in the

                             SALES SUMMARY

Comparable Store Sales Trend Total Sales
% Increase (Decrease) ($ in Millions)
---------------------------- ---------------
Fiscal Period 2003 2002 2003 2002
------------- ------ ------ ------ ------
1st Quarter (7.5)% 7.0% $198.0 $206.7
2nd Quarter (3.5) 6.5 207.7 207.5
3rd Quarter (7.1) 2.9 197.9 204.4
November (5.8) (7.8) 96.1 71.4
Year-To-Date (6.0) 3.5 699.7 690.0