Home / Knowledge / News / Apparel/Garments / Stage Stores reports 3.5% sales rise in Q1 FY'13
Stage Stores reports 3.5% sales rise in Q1 FY'13
17
May '13
Stage Stores, Inc. reported financial results for the first fiscal quarter ended May 4, 2013.

Total sales for the quarter increased 3.5% to $379 million from $366 million in the prior year first quarter ended April 28, 2012. Comparable store sales for the quarter increased 0.7%. The Company noted that its best performing categories were accessories and home & gifts. Geographically, the Southwest was the best performing region for the quarter.

The Company reported an adjusted loss for the quarter, excluding one-time items, of $0.8 million, or $0.02 per share. This compares to adjusted earnings, excluding one-time items, of $1.4 million, or $0.05 per diluted share, for the prior year first quarter.

Commenting on the Company’s first quarter results, Michael Glazer, President and Chief Executive Officer, stated, “The unseasonably cool weather in March and April, particularly when compared to last year’s warm spring, strongly impacted our sales performance. We managed our inventory aggressively and ended the quarter in a clean inventory position. We feel good about our merchandise assortments going into the second quarter.

“From an operational standpoint, we made excellent progress on a number of our key initiatives during the quarter. Most importantly, our South Hill consolidation remained on track for a midyear completion.

"We strongly believe that the consolidation will increase our productivity, create synergies, enhance our purchasing power, provide for a consistent message to our customers and accelerate sales growth. In addition, we opened 10 new stores, and started the roll-out of our new prototype fixture packages in our top 40 doors.

“Looking ahead, we remain optimistic about our prospects for the remainder of the year. We believe sales in the second quarter will benefit from pent-up demand for seasonal merchandise as temperatures normalize. In addition, our accelerated first quarter clearance cadence, similar to last year’s third quarter, should have a positive impact on our gross margins for the second quarter.

"Overall, we feel extremely positive about the initiatives that we have underway to drive top-line and bottom-line growth. As such, we are maintaining our comparable store sales and adjusted EPS guidance for the year. As another testament to our confidence in delivering future earnings growth, last month we announced a 25% increase in our quarterly dividend rate. This significant increase demonstrates our commitment to create value for our shareholders through increasing shareholder distributions,” Mr. Glazer concluded.

Stage Stores

Must ReadView All

Textiles | On 22nd Feb 2017

Bangladesh exporters want duty-free access to US, Brazil

Garment and apparel exporters of Bangladesh are seeking duty-free...

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Textiles | On 22nd Feb 2017

'India to be self-sufficient in silk production by 2020'

Indian could be self-sufficient in silk production by the year 2020...

Interviews View All

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Lynda Kelly
Suominen Corporation

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

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Wendell Rodricks
Wendell Rodricks

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

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Bani Batra

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

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search