US: Stage Stores FY profit in 38% surge
- FY net profit up 37.6% to US$42.6m
- Net sales up 8.9% to $1.646bn
- Company has “great momentum”, says CEO
Department store retailer Stage Stores posted an adjusted net profit of US$42.6m for the year ended 2 February, up 37.6% on last year’s figure.
The company’s net sales for the year were also up, rising 8.9% to $1.646bn, while direct-to-consumer sales soared by 65%.
“We achieved strong gains in sales and earnings, and made significant progress on our strategic initiatives,” said Stage Stores president and CEO Michael Glazer.
“As we enter 2013, we have great momentum and our inventory is well-positioned for growth.”
The company expects comparable store sales to rise by 2-4% in the new fiscal year, with underlying earnings per share expected to reach $1.45-1.55.
US department store operator Stage Stores saw second quarter net profit slip as the elevated promotional environment and a poor weather hurt its performance. ...
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