Stage Stores Reports September Sales; Updates Sales and Earnings Guidance
06 Ottobre 2005 - 12:00PM
Business Wire
Stage Stores, Inc. (Nasdaq:STGS) today reported that total sales
for the five-week period ended October 1, 2005 increased 0.7% to
$98.5 million from $97.8 million in the prior year five-week period
ended October 2, 2004. Comparable store sales decreased 2.6% versus
an increase of 2.5% last year. With regard to its major categories
of business, the Company reported that its accessories, cosmetics,
junior sportswear, special sizes and young men's departments all
had comparable store sales increases during September. -0- *T SALES
SUMMARY Comparable Store Sales Trend Total Sales % Increase
(Decrease) ($ in Millions) --------------------- ---------------
Fiscal Period 2005 2004 2005 2004 ------------- ---- ---- ---- ----
1st Quarter 4.9% 4.5% $310.1 $289.7 2nd Quarter 7.0 (3.2) 309.4
279.9 August 1.5 8.1 111.2 105.7 September (2.6) 2.5 98.5 97.8 3rd
Qtr-To-Date (0.5) 5.3 209.7 203.5 Year-To-Date 4.2 1.8 829.2 773.1
*T Jim Scarborough, Chairman, President and Chief Executive
Officer, commented, "September was an extremely challenging month
as we experienced two major Gulf Coast hurricanes, as well as
unseasonably hot weather, which was prevalent in our southern and
eastern markets throughout the month." Mr. Scarborough continued,
"The two hurricanes caused us to close as many as 130 of our stores
for various periods of time, and these store closures combined with
mandatory evacuation activities clearly disrupted our normal store
operations and customer traffic patterns. Additionally, the hotter
than normal weather that we experienced in August continued
throughout September and dampened enthusiasm for our fall products.
This resulted in a sales mix during September that was comprised of
a much higher percentage of clearance goods as compared to last
year." Mr. Scarborough concluded, "As we move into Autumn, demand
for our fall and winter goods should grow with the onset of cooler
weather, and we feel confident in our ability to achieve a low,
single-digit comparable store sales increase in the fourth
quarter." Store Activity The Company stated that, of the 118 stores
originally reported closed as a result of Hurricane Rita, only 9
remain closed. Of this group, the Company expects that 6 of these
stores will reopen in the near future as power is restored in their
respective areas. The Company believes that the remaining 3 stores,
which are located in Orange and Port Arthur, TX, and Moss Bluff,
LA, will not reopen until March or April of next year. The Company
further stated that it closed its store in Chalmette, LA as a
result of damage incurred from Hurricane Katrina, and closed its
store in Myrtle Beach, SC. Accordingly, the company has removed all
of these locations from its comparable store sales base. 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. Fiscal 2005 - 4th Quarter: For the fourth quarter, the
Company now anticipates that revenues will be in a range of $406 to
$414 million, with the expectation of a comparable store sales
increase in the low single digits. Net income is currently
projected to be in the range of $18.5 to $19.5 million, or earnings
of $0.65 to $0.68 per diluted share, using an estimated diluted
share count of 28.6 million shares. This compares to the Company's
previously provided earnings guidance of $0.66 to $0.69 per diluted
share for the fourth quarter. Fiscal 2005 - Full Year: Adjusting
its 2005 full year outlook to reflect its updated third and fourth
quarter guidance, the Company now anticipates that revenues will be
in a range of $1.319 to $1.331 billion, with the expectation of a
comparable store sales increase in the upper low single digits. Net
income is currently projected to be in the range of $52.9 to $54.7
million, or earnings of $1.80 to $1.86 per diluted share, using an
estimated diluted share count of 29.4 million shares. This compares
to the Company's previously provided earnings guidance of $1.87 to
$1.93 per diluted share for the fiscal year. About Stage Stores
Stage Stores, Inc. brings nationally recognized brand name apparel,
accessories, cosmetics and footwear for the entire family to small
and mid-size towns and communities through 543 stores located in 30
states. The Company operates under the Bealls, Palais Royal and
Stage names throughout the South Central states, and under the
Peebles name throughout the Mid-Atlantic, Southeastern and
Midwestern states. For more information about Stage Stores, visit
the Company's web site at www.stagestores.com. "Safe Harbor"
Statement This news release contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, including comments regarding the Company's outlook and
expectations for the third quarter of the 2005 fiscal year, the
fourth quarter of the 2005 fiscal year and for the entire 2005
fiscal year, comments regarding the timing of reopening of closed
stores and comments regarding the Company's store opening plans for
October and November. The Company intends forward looking
terminology such as "believes", "expects", "may", "will", "should",
"could", "anticipates", "plans" or similar expressions to identify
forward-looking statements. Such statements are subject to certain
risks and uncertainties which could cause the Company's actual
results to differ materially from those anticipated by the
forward-looking statements. These risks and uncertainties include,
but are not limited to, those described in the Company's Annual
Report on Form 10-K as filed with the Securities and Exchange
Commission (the "SEC") on April 28, 2005, in the Company's
Quarterly Reports on Form 10-Q as filed with the SEC and other
factors as may periodically be described in other Company filings
with the SEC.
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