Heavy rains & floods hurt Stage Stores July sales

13 Aug '07

2 min read

Stage Stores Inc reported that its total sales for the four-week July period beginning July 8, 2007 and ending August 4, 2007 increased 7.0% to $109.2 million from $102.1 million for the prior year four-week July period beginning July 2, 2006 and ending July 29, 2006.

The Company noted that the referenced prior year sales results exclude inventory liquidation sales of $10.5 million generated by the acquired B.C. Moore stores prior to their conversion to Peebles stores. Comparable store sales for the month decreased 1.7% versus an increase of 6.2% last year.

The Company's top performing categories of business during the month included dresses, which posted a comparable stores sales increase of 14.3%, and cosmetics at 12.4 %.

For the second quarter ended August 4, 2007, the Company reported that its total sales increased 8.9% to $359.2 million from $329.7 million for last year's second quarter ended July 29, 2006.

The Company noted that the referenced prior year sales results exclude inventory liquidation sales of $32.4 million generated by the acquired B.C. Moore stores prior to their conversion to Peebles stores. Comparable store sales for the second quarter grew 0.5% versus an increase of 4.5% for the prior year period.

Jim Scarborough, Chairman and Chief Executive Officer, commented, “Unusually heavy rains and flooding conditions throughout much of July in many of our south central markets, and a generally lackluster retail environment, negatively impacted our July and second quarter sales results."

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