Stage Stores Narrows Q3 Loss
Regional moderate department store operator Stage Stores narrowed its third-quarter loss from continuing operations to $5.1 million ($0.17 per share, $0.16 adjusted for discontinued operations) from last year’s adjusted loss of $7 million ($0.22 per share). That beat analysts’ predictions of a $0.20 per share loss.
Sales of $364 million were up 2.6 percent in the third-quarter, and comparable sales were up 2.3 percent.
“We achieved positive comparable sales by balancing regular price and clearance sales and effectively managing our promotional and advertising plans,” said CEO Michael Glazer in a statement. “We made progress on our strategic initiatives which drove top-line and bottom-line gains and were especially pleased with an over 40% sales gain in our direct-to-consumer business, along with strong performances in the cosmetics, women’s apparel and home categories.”
Glazer said the retailer was ready for the holiday season, which he expects to be “challenging for apparel retailers.” Stores will be open from 4pm to 10pm on Thanksgiving Day and 6am to 10pm on Black Friday.
The company is predicting comparable sales for Q4 to be flat to up 2 percent.
Stage Stores, Inc. operates 858 stores under the Bealls, Goody’s, Palais Royal, Peebles and Stage names in 40 states.
