Stage stores declares Sept sales

06 Oct '05

3 min read

Branded fashion products seller Stage Stores Inc reported that total sales for the five-week period ended October 1, 2005 increased 0.7 percent to $98.5 million from $97.8 million in the prior year five-week period ended October 2, 2004. Comparable store sales decreased 2.6 percent versus an increase of 2.5 percent last year.

With regard to its major categories of business, the Company reported that its accessories, cosmetics, junior sportswear, special sizes and young men's departments all had comparable store sales increases during September.

Looking forward, the Company continues to expect to open 8 new stores in October, including its first store in Georgia, and 8 new stores in November. These 16 new stores will bring the number of stores opened during the year to 36.

Updated Guidance
Principally due to the issues highlighted above, the Company is revising its guidance for the 2005 third and fourth quarters, as well as for the fiscal year.

Fiscal 2005 - 3rd Quarter:
For the third quarter, the Company now anticipates that revenues will be in a range of $294 to $298 million, with the expectation of a slightly positive comparable store sales increase. Net income is currently projected to be in the range of $7.4 to $8.2 million, or earnings of $0.25 to $0.28 per diluted share, using an estimated diluted share count of 29.5 million shares. This compares to the Company's previously provided earnings guidance of $0.31 to $0.34 per diluted share for the third quarter.

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