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Stage Stores plans to open 70 new stores during 2008
11
Mar '08
Stage Stores Inc reported net income for the thirteen week fourth quarter ended February 2, 2008 of $31.7 million, or $0.78 per diluted share, compared to net income of $39.6 million, or $0.88 per diluted share, for the prior year fourteen week fourth quarter ended February 3, 2007. Last year's fourth quarter results include various non-comparable income items that totaled $0.10 per diluted share.

As previously reported by the Company, total sales for this year's thirteen week fourth quarter were $473.0 million vs. $491.2 million for the fourteen week fourth quarter last year. Sales during last year's fourteenth week totaled $21.4 million. Comparable store sales for the fourth quarter (thirteen weeks vs. first thirteen weeks) decreased 3.1% vs. an increase of 2.5% in the prior year.

Commenting on the Company's fourth quarter results, Jim Scarborough, Chairman and Chief Executive Officer, stated, “When you take last year's non-comparable income items into consideration, our Q-4 diluted earnings per share were the same on a year-over-year basis.

Given the challenging economic environment that we operated in throughout 2007, we are pleased with our fourth quarter results, which benefited from our careful management of inventory levels and merchandise receipt flows, tight controls over our operating expenses, and our stock repurchase activities.”

Total sales for the 52 week 2007 fiscal year were $1,545.6 million vs. $1,550.2 million for the53 week 2006 fiscal year. Comparable store sales for the fiscal year (52 weeks vs. first 52 weeks) decreased 1.1% vs. an increase of 3.5% last year.


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