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Weather plays truant on Stage Stores August sales
02 Sep '05
3 min read
Branded fashion products seller Stage Stores Inc reported that total sales for the four-week period ended August 27, 2005 increased 5.2 percent to $111.2 million from $105.7 million in the prior year four-week period ended August 28, 2004.
Comparable store sales increased 1.5 percent versus an increase of 8.1 percent last year, which was driven by a calendar shift in the Texas sales tax holiday weekend from July in 2003 to August in 2004.
The Company reported that a majority of its key merchandise categories achieved comparable store sales increases during the month, with the best performing areas being women's special sizes (+14.4 percent), cosmetics (+7.4 percent) and accessories (+5.0 percent).
Jim Scarborough, Chairman, President and Chief Executive Officer, commented, "Geographically, had mixed sales results in August, as comparable store sales were strong in eastern markets, and flat in southern markets. There is no question that the hot weather in southern markets dampened enthusiasm for fall products, and also contributed to a later start to back-to-school shopping. On the other hand, sales in eastern markets were very strong, benefiting from increased inventory investment and generally favorable weather conditions as compared to last year."
The Company stated that it opened three new Peebles stores, and entered its 30th state during August. The new stores were opened in Winsted, Connecticut, the Company's first store in that state, Troy, Alabama and Crossville, Tennessee. The Company further stated that, due to construction delays at one location, and the impact of Hurricane Katrina on another location, it was reducing its projected number of new store openings for the 2005 fiscal year from 38 to 36.
Comparable store sales increased 1.5 percent versus an increase of 8.1 percent last year, which was driven by a calendar shift in the Texas sales tax holiday weekend from July in 2003 to August in 2004.
The Company reported that a majority of its key merchandise categories achieved comparable store sales increases during the month, with the best performing areas being women's special sizes (+14.4 percent), cosmetics (+7.4 percent) and accessories (+5.0 percent).
Jim Scarborough, Chairman, President and Chief Executive Officer, commented, "Geographically, had mixed sales results in August, as comparable store sales were strong in eastern markets, and flat in southern markets. There is no question that the hot weather in southern markets dampened enthusiasm for fall products, and also contributed to a later start to back-to-school shopping. On the other hand, sales in eastern markets were very strong, benefiting from increased inventory investment and generally favorable weather conditions as compared to last year."
The Company stated that it opened three new Peebles stores, and entered its 30th state during August. The new stores were opened in Winsted, Connecticut, the Company's first store in that state, Troy, Alabama and Crossville, Tennessee. The Company further stated that, due to construction delays at one location, and the impact of Hurricane Katrina on another location, it was reducing its projected number of new store openings for the 2005 fiscal year from 38 to 36.
Stage Stores Inc
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Andreas Rass
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