Stage Stores Reports Holiday Results
January 06 2017 - 4:05PM
Business Wire
Stage Stores, Inc. (NYSE: SSI) today reported a holiday
comparable sales decline of 7.3% for the nine week period ending
December 31, 2016.
Michael Glazer, President and Chief Executive Officer,
commented, “Holiday comparable sales were below our expectations
and increased promotions significantly pressured gross margin.
Traffic remained weak with ongoing pressure in oil impacted and
border states. However, we saw sequential sales improvement in the
balance of the chain as well as a low double digit increase in
online sales compared to holiday 2015.”
“Based on our sales and margin outlook, we are revising our
guidance and expect fourth quarter earnings per diluted share of
$0.20 to $0.35 and a full year adjusted loss per diluted share of
$0.70 to $0.85. As previously stated, we expect year-end inventory
levels to come in well-below last year. As we enter 2017, we remain
focused on generating positive free cash flow, reducing capital
spend, and managing inventory levels.”
About Stage
Stores
Stage Stores operates 817 specialty department stores in 38
states and a direct-to-consumer channel under the BEALLS, GOODY'S,
PALAIS ROYAL, PEEBLES and STAGE nameplates. The Company’s stores,
predominantly located in small towns and communities, and
direct-to-consumer business offer a moderately priced, broad
selection of trend-right, brand name apparel, accessories,
cosmetics, footwear and home goods for the entire family. The
Company’s direct-to-consumer channel includes its e-commerce
website and Send program. Its e-commerce website features
assortments of merchandise similar to that found in its stores, as
well as products available exclusively online. The Send program
allows customers in the stores to have merchandise shipped directly
to their homes if the merchandise is not available in the local
store. For more information about Stage Stores, visit the Company’s
website at www.stagestoresinc.com.
Use of Adjusted
(Non-GAAP) Financial Measures
The Company reports its financial results in accordance with
generally accepted accounting principles (GAAP). However,
management believes that certain non-GAAP financial measures help
to facilitate comparisons of Company operating performance across
periods. This release includes non-GAAP financial measures
identified as “adjusted” results. A reconciliation of all non-GAAP
financial measures to the most comparable GAAP financial measures
is provided in a table included with this release.
Caution Concerning
Forward-Looking Statements
Certain statements in this release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, and such statements are intended to qualify for
the protection of the safe harbor provided by the Act. The words
“anticipate,” “estimate,” “expect,” “objective,” “goal,” “project,”
“intend,” “plan,” “believe,” “will,” “should,” “may,” “target,”
“forecast,” “guidance,” “outlook” and similar expressions generally
identify forward-looking statements. Similarly, descriptions of the
Company’s objectives, strategies, plans, goals or targets are also
forward-looking statements. Forward-looking statements relate to
the expectations of management as to future occurrences and trends,
including statements expressing optimism or pessimism about future
operating results or events and projected sales, earnings, capital
expenditures and business strategy. Forward-looking statements are
based upon a number of assumptions concerning future conditions
that may ultimately prove to be inaccurate. Forward-looking
statements are based upon management’s then-current views and
assumptions regarding future events and operating performance.
Although management believes the expectations expressed in
forward-looking statements are based on reasonable assumptions
within the bounds of its knowledge, forward-looking statements
involve risks, uncertainties and other factors which may materially
affect the Company’s business, financial condition, results of
operations or liquidity.
Forward-looking statements are not guarantees of future
performance and actual results may differ materially from those
discussed in the forward-looking statements as a result of various
factors, including, but not limited to, economic conditions, cost
and availability of goods, inability to successfully execute
strategic initiatives, competitive pressures, economic pressures on
the Company and its customers, freight costs, the risks discussed
in the Risk Factors section of the Company’s most recent Annual
Report on Form 10-K as filed with the Securities and Exchange
Commission (“SEC”), and other factors discussed from time to time
in the Company’s other SEC filings. This release should be read in
conjunction with such filings, and you should consider all of such
risks, uncertainties and other factors carefully in evaluating
forward-looking statements.
You are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date thereof. The Company
undertakes no obligation to publicly update forward-looking
statements, whether as a result of new information, future events
or otherwise. You are advised, however, to consult any further
disclosures the Company makes on related subjects in its public
announcements and SEC filings.
Stage Stores, Inc. Reconciliation of Non-GAAP
Financial Measures
(Unaudited)
2016 Guidance Range Low High Diluted loss per share
(GAAP) $ (0.90 ) $ (0.75 )
Consolidation of corporate headquarters,
severance chargesassociated with workforce reduction and strategic
store closures
0.05 0.05 Adjusted diluted loss per share (non-GAAP)
$ (0.85 ) $ (0.70 )
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version on businesswire.com: http://www.businesswire.com/news/home/20170106005565/en/
Stage Stores, Inc.Randi Sonenshein, 713-331-4967Senior Vice
President, Finance and Strategyrsonenshein@stagestores.com
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