Home / Knowledge / News / Apparel/Garments / Stage Stores sales up 8.9% in FY'13
Stage Stores sales up 8.9% in FY'13
12
Mar '13
Stage Stores, Inc. reported financial results for the fourth quarter and fiscal year ended February 2, 2013. For the 2012 fiscal year, the Company reported adjusted earnings, excluding one-time items, of $42.6 million, or $1.33 per diluted share. This compares to earnings of $31.0 million, or $0.92 per diluted share, in fiscal 2011.

Financial highlights for FY 2012:

Total sales increased 8.9% to $1,646 million. FY 2012 had 53 weeks while FY 2011 had 52 weeks. The 53rd week in FY 2012 added $16 million to total sales. On a 52 week basis, comparable store sales increased 5.7%.

Direct-To-Consumer sales increased 65% versus the prior year. Direct-To-Consumer sales positively impacted the Company’s same store sales by 0.5% in FY 2012.

Adjusted gross profit, as a percentage of net sales, improved by 90 basis points compared with FY 2011. The adjusted merchandise margin rate improved 20 basis points due to lower markdowns, while buying, occupancy and distribution costs improved 70 basis points due to leverage from higher sales.

Adjusted selling, general and administrative expenses, as a percentage of net sales, increased by 20 basis points over FY 2011. Leverage in store expenses and an improved benefit from the Company’s private label credit card program were offset by an increase in incentive compensation costs.

Adjusted earnings per diluted share increased 45% to $1.33 over last year. Including the one-time items, EPS was $1.19. Adjusted net income was $42.6 million, a 37% increase compared to $31.0 million for last year. Including the one-time items, net income was $38.2 million. Diluted average shares outstanding for FY 2012 were 31.6 million compared to 33.3 million for FY 2011.

“2012 was a phenomenal year for Stage Stores and one that all of our shareholders and associates can be extremely proud of,” stated Michael Glazer, President and Chief Executive Officer. “We achieved strong gains in sales and earnings and made significant progress on our strategic initiatives. Total sales exceeded $1.6 billion and we achieved a 5.7% increase in comparable store sales, the highest percentage increase in over 10 years. Driven by our record sales, adjusted earnings per share increased by 45% to a record $1.33.”

New store growth included 25 traditional stores and 31 Steele’s stores during the year. Direct-To-Consumer sales increased 65% over last year. A new loyalty program with enhanced cardholder benefits was introduced and new cards were reissued to more than 2 million customers. Consistent with the Company’s intent to increase distributions to its shareholders, Stage Stores quarterly dividend rate was increased by 11%.

As the Company noted in its news release on February 11, 2013, it started the process of consolidating its department store operations into its Houston corporate headquarters. The Company expects the consolidation to increase efficiency, create synergies and enhance purchasing power and sales growth. The Company projects annual savings from the consolidation to be approximately $5 million.


Must ReadView All

Textiles | On 27th Jun 2017

Govt defers tax deduction at source provision under GST

E-commerce players in India will not be required to deduct tax on...

Apparel/Garments | On 27th Jun 2017

Future Group aims Rs 12,000 crore in fashion business

Future Group, which runs retail stores across India under various...

Textiles | On 27th Jun 2017

AEPC & NSDL to help exporters with GST compliances

Apparel Export Promotion Council (AEPC) and National Securities...

Interviews View All

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search