Stage Stores declares Q2 results & projection of H2 fiscal year

18 Aug '05

4 min read

Scarborough continued, "During the quarter, they announced a 3-for-2 stock split, payable on August 19, 2005, and instituted a new $30 million Stock Repurchase Program. They also had a changing of the guard in our Peebles merchandising organization. In conjunction with the retirement of Ron Palmore, they have promoted two exceptionally talented individuals, John Bower and Wendy Morgan, who will continue to build upon the success of our Peebles merchandising team."

Total sales for the six-month period ended July 30, 2005 increased 8.8 percent to $619.5 million from $569.5 million last year. Comparable store sales increased 5.9 percent versus an increase of 0.6 percent for the prior year. The Company noted that last year's comparable store sales results were negatively impacted by a calendar shift in the Texas sales tax holiday weekend, which moved this significant event from the second quarter in 2003 to the third quarter in 2004. Net income for the period was $27.0 million, or $1.36 per diluted share, compared to $23.9 million, or $1.17 per diluted share, for the same period last year. For the six-month period, diluted earnings per share have grown by 16.2 percent.

Scarborough concluded, "They are also very pleased with our solid performance during the first half of the year, as our comparable store sales increased 5.9 percent, and their diluted earnings per share increased 16.2 percent. Looking ahead, their merchants have done an outstanding job of putting together great merchandise assortments for back-to-school and the upcoming fall season, and we are upbeat about their prospects for the second half of the year."

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