Stage Stores (SSI) Misses Q3 EPS by 10c, Cuts FY EPS Guidance, Resumes Buybacks

Stage Stores (NYSE: SSI) reported Q3 EPS of ($0.29), $0.10 worse than the analyst estimate of ($0.19). Revenue for the quarter came in at $351.6 million versus the consensus estimate of $359.67 million.

Stage Stores sees FY2015 EPS of $0.70-$0.80, versus prior guidance of $1.05-$1.15 and the consensus of $0.99.

“Our third quarter results were negatively impacted by stores located in geographies which were pressured by oil and gas and a devalued peso. Stores outside of those areas achieved a flat comp for the quarter,” said Michael Glazer, President and Chief Executive Officer. “Based on these results and our expectation that these challenges will continue in the near term, we are guiding our comp sales to a range of -2% to -4% for the fourth quarter and adjusted earnings per diluted share to $0.70 to $0.80 for the fiscal year. We will manage our business with discipline around inventory control, implement additional cost reductions and maintain our focus on improving store productivity and driving online sales. Overall, we continue to believe that our strategic initiatives around e-commerce, an increased emphasis on merchandise style and value, a rationalized store base, store remodels, and rejuvenated marketing programs will better position us for sustainable long-term growth.”

The Company also announced today that its Board of Directors approved the resumption of the $200 million share repurchase program authorized in 2011. The Company has $99.9 million remaining under the program.

For earnings history and earnings-related data on Stage Stores (SSI) click here.

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