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Stage Stores declares Q2 results & projection of H2 fiscal year

Aug '05
Branded fashion products seller Stage Stores Inc reported total sales for the second quarter ended July 30, 2005 increased 10.5 percent to a record $309.4 million from $279.9 million for the prior year second quarter ended July 31, 2004. The increase was driven by the Company's comparable store sales increase for the quarter of 7.0 percent and sales from new stores. Net income increased 20.4 percent during the second quarter, rising to $6.5 million from $5.4 million last year, and diluted earnings per share increased 22.2 percent to $0.33 from $0.27 in the prior year period.

Jim Scarborough, Chairman, President and Chief Executive Officer, commented, "This was a quarter filled with significant achievements and important milestones. They achieved record sales for the second quarter, driven by our strong 7.0 percent comparable store sales increase, as our customers responded positively to our spring and summer merchandise assortments. We enjoyed strong sales performances across a broad range of product categories, with three merchandise categories, namely women's special sizes (+20.9 percent), accessories (+16.9 percent) and misses' sportswear (+10.8 percent), achieving double-digit comparable store sales growth for the quarter. Additionally, their comparable store sales performance at our Peebles stores once again exceeded their Company average for the quarter, demonstrating that our initiatives to improve the sales productivity in these stores continue to yield favorable results."

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