Stage Stores (SSI) Comps Up 13.1% in January 2010
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Stage Stores, Inc. (NYSE: SSI) today reported that its total sales for the four week January period ended January 30, 2010 decreased 10.2% to $67 million from $75 million in the prior year four week period ended January 31, 2009. Comparable store sales decreased 11.3% this year versus a decrease of 13.1% last year.
Andy Hall, President and Chief Executive Officer, commented, "January sales were impacted by lower clearance inventory and inclement weather. However, with sales for the fourth quarter within our guidance range and strong merchandise margins, we expect to report fourth quarter earnings that exceed last year's $0.67 per diluted share. Our merchandise margins benefitted from reduced clearance levels and improved physical inventory results. As a result, we expect to exceed the high end of our earnings guidance ranges for the fourth quarter and full year of $0.66 and $0.69 per diluted share, respectively.
"We ended the fiscal year with a strong balance sheet, no borrowings on our $250 million revolving credit facility and with inventory levels and content in great shape. Our disciplined approach of managing inventories, expenses and capital has resulted in a much stronger company poised for the challenges and opportunities that 2010 will bring," Mr. Hall concluded.
The Company plans to report its fourth quarter and fiscal year results before the market opens on Tuesday, March 9, 2010, and will hold a conference call and webcast the same day beginning at 8:30 a.m. Eastern Time.
The following table is provided for reference purposes and details the sales history for the Company on a monthly and quarterly basis for the 2009 and 2008 fiscal years.
SALES SUMMARY
Comparable Store Sales Trend Total Sales
% Increase (Decrease) ($ in Millions)
Fiscal Period 2009 2008 2009 2008
February (8.6 )% (2.5 )% $101 $106
March (15.0 ) (10.3 ) 125 141
April (1.5 ) (1.0 ) 107 106
1st Quarter (9.0 ) (5.4 ) 333 353
May (7.2 ) 0.1 117 123
June (12.6 ) 1.2 128 142
July (11.9 ) (6.2 ) 97 108
2nd Quarter (10.7 ) (1.4 ) 342 373
August (9.5 ) (8.3 ) 111 120
September (5.6 ) (13.6 ) 113 115
October (0.1 ) (8.4 ) 101 99
3rd Quarter (5.4 ) (10.3 ) 325 334
November (12.5 ) (8.0 ) 110 124
December (2.2 ) (4.9 ) 255 257
January (11.3 ) (13.1 ) 67 75
4th Quarter (6.5 ) (7.2 ) 432 456
Full Year (7.9 )% (6.1 )% $1,432 $1,516Store Activity
No new stores were opened during January, while one Palais Royal store was closed in Houston, TX. For the 2009 fiscal year, the Company had a net increase of 19 stores, growing from 739 stores to 758 stores.
Andy Hall, President and Chief Executive Officer, commented, "January sales were impacted by lower clearance inventory and inclement weather. However, with sales for the fourth quarter within our guidance range and strong merchandise margins, we expect to report fourth quarter earnings that exceed last year's $0.67 per diluted share. Our merchandise margins benefitted from reduced clearance levels and improved physical inventory results. As a result, we expect to exceed the high end of our earnings guidance ranges for the fourth quarter and full year of $0.66 and $0.69 per diluted share, respectively.
"We ended the fiscal year with a strong balance sheet, no borrowings on our $250 million revolving credit facility and with inventory levels and content in great shape. Our disciplined approach of managing inventories, expenses and capital has resulted in a much stronger company poised for the challenges and opportunities that 2010 will bring," Mr. Hall concluded.
The Company plans to report its fourth quarter and fiscal year results before the market opens on Tuesday, March 9, 2010, and will hold a conference call and webcast the same day beginning at 8:30 a.m. Eastern Time.
The following table is provided for reference purposes and details the sales history for the Company on a monthly and quarterly basis for the 2009 and 2008 fiscal years.
SALES SUMMARY
Comparable Store Sales Trend Total Sales
% Increase (Decrease) ($ in Millions)
Fiscal Period 2009 2008 2009 2008
February (8.6 )% (2.5 )% $101 $106
March (15.0 ) (10.3 ) 125 141
April (1.5 ) (1.0 ) 107 106
1st Quarter (9.0 ) (5.4 ) 333 353
May (7.2 ) 0.1 117 123
June (12.6 ) 1.2 128 142
July (11.9 ) (6.2 ) 97 108
2nd Quarter (10.7 ) (1.4 ) 342 373
August (9.5 ) (8.3 ) 111 120
September (5.6 ) (13.6 ) 113 115
October (0.1 ) (8.4 ) 101 99
3rd Quarter (5.4 ) (10.3 ) 325 334
November (12.5 ) (8.0 ) 110 124
December (2.2 ) (4.9 ) 255 257
January (11.3 ) (13.1 ) 67 75
4th Quarter (6.5 ) (7.2 ) 432 456
Full Year (7.9 )% (6.1 )% $1,432 $1,516Store Activity
No new stores were opened during January, while one Palais Royal store was closed in Houston, TX. For the 2009 fiscal year, the Company had a net increase of 19 stores, growing from 739 stores to 758 stores.
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