Interviews
News Flash
Stage Stores plans to open 70 new stores during 2008
11 Mar '08
4 min read
Net income for the 2007 fiscal year was $53.1 million, or $1.24 per diluted share, compared to $55.3 million, or $1.25 per diluted share, for the prior year. This year's results include a non-comparable income item of $0.04 per diluted share recorded in the first quarter.
Commenting on the full year results, Mr. Scarborough said, “Overall, 2007 was a tremendously challenging year. The issues facing retailers throughout the year were well chronicled, including an economically stressed consumer, unseasonable weather patterns, and a general lack of must-have apparel items, particularly in the misses sportswear area.
“Looking back, on a comparable 52 week basis, our 2007 total sales were up versus last year, and our diluted earnings per share were down slightly. Our ongoing growth initiatives in plus sizes and cosmetics, which included the installation of additional Estee Lauder and Clinique counters, proved to be successful, as these categories, along with dresses, produced comparable store sales increases for the year.
With regard to new store activities, we opened 47 new stores and entered two new states. We also completed the installation of our SAS/MarketMax merchandise planning system and we began work on our third distribution center in Jeffersonville, Ohio. I want to thank our 14,000 associates whose hard work, diligence, and dedication made all of these accomplishments possible.
“Looking ahead, we do not expect the currently tough economic conditions to improve significantly in the near term, and accordingly, we have taken a conservative view in developing our sales estimates for 2008. We are projecting that our comparable store sales will be in a range of flat to negative low single digits for the year, and we have planned our inventory and expense levels accordingly.
However, we still believe that we can achieve increases in both our total sales and diluted earnings per share, driven by disciplined inventory management, tight expense controls, new store growth, and the beneficial impact of our stock repurchase activities. We will continue to pursue opportunities for significant unit growth, with plans to open approximately 70 new stores during 2008.
“As always, we will focus intently on making our stores 'the store of choice' in small town America, and to producing the best possible returns for our shareholders,” Mr. Scarborough concluded.
Commenting on the full year results, Mr. Scarborough said, “Overall, 2007 was a tremendously challenging year. The issues facing retailers throughout the year were well chronicled, including an economically stressed consumer, unseasonable weather patterns, and a general lack of must-have apparel items, particularly in the misses sportswear area.
“Looking back, on a comparable 52 week basis, our 2007 total sales were up versus last year, and our diluted earnings per share were down slightly. Our ongoing growth initiatives in plus sizes and cosmetics, which included the installation of additional Estee Lauder and Clinique counters, proved to be successful, as these categories, along with dresses, produced comparable store sales increases for the year.
With regard to new store activities, we opened 47 new stores and entered two new states. We also completed the installation of our SAS/MarketMax merchandise planning system and we began work on our third distribution center in Jeffersonville, Ohio. I want to thank our 14,000 associates whose hard work, diligence, and dedication made all of these accomplishments possible.
“Looking ahead, we do not expect the currently tough economic conditions to improve significantly in the near term, and accordingly, we have taken a conservative view in developing our sales estimates for 2008. We are projecting that our comparable store sales will be in a range of flat to negative low single digits for the year, and we have planned our inventory and expense levels accordingly.
However, we still believe that we can achieve increases in both our total sales and diluted earnings per share, driven by disciplined inventory management, tight expense controls, new store growth, and the beneficial impact of our stock repurchase activities. We will continue to pursue opportunities for significant unit growth, with plans to open approximately 70 new stores during 2008.
“As always, we will focus intently on making our stores 'the store of choice' in small town America, and to producing the best possible returns for our shareholders,” Mr. Scarborough concluded.
Stage Stores Inc
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
