Stage Stores (SSI) Reports Decline in August Same-Store Sales
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Stage Stores, Inc. (NYSE: SSI) reported that its total sales for the four week August period ended August 30, 2008 decreased 3.0% to $119.8 million from $123.5 million in the prior year four week period ended September 1, 2007. Comparable store sales decreased 8.3% versus a decrease of 2.6% last year.
Jim Scarborough, Chairman and Chief Executive Officer, commented, “Our August results reflect soft back-to-school sales, due to ongoing pressure on discretionary consumer spending, reduced clearance sales and the disruptive impact of Tropical Storm Edouard and Hurricane Gustav during the first and last weeks of the month. On a positive note, we continue to manage our merchandise inventories and expenses conservatively, ending August with our inventory levels down approximately 9.0% on a comparable store basis.” [SM]
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