Stage Stores, Inc. reported total sales of $427 million for the nine week November and December period ended January 4, 2014 versus $428 million for the prior year nine week period ended December 29, 2012. Comparable store sales for the nine week period decreased 1.5%.
Michael Glazer, President and Chief Executive Officer, commented, “We were pleased with our strong sales in early November and during Thanksgiving and Black Friday. However, traffic slowed in the weeks leading to Christmas and we were not able to maintain our early positive sales trend. Our overall performance was impacted by the highly promotional sales environment for apparel retailers as well as the difficult retail calendar.”
The Company noted that outerwear was its top performing category during the nine week period, followed by footwear, cosmetics and children’s. Geographically, the South Central, Southeast and Northwest regions performed better than the Company average.
Based on the sales results and the impact of the highly promotional environment on merchandise margin, the Company is reducing its 2013 adjusted EPS guidance to a range of $1.10 to $1.15 from $1.20 to $1.30 previously. The Company expects to report its fourth quarter and full year sales and earnings results on March 6, 2014.