US: Stage Stores lifts FY outlook as Q3 loss narrows
- Q3 loss narrowed to $8.9m
- Net sales rise 11% to $371m
- Company lifted its FY EPS to $1.20-$1.28
Discount department store retailer Stage Stores has lifted its full-year outlook after its third-quarter net loss narrowed on the back of higher sales.
Net loss narrowed to US$8.9m or $0.28 per share during the three months to 27 October, from $11.3m or $0.36 per share last year.
The retailer, which operates 866 stores, saw net sales rise 11% to $371m, while comparable store sales surged 8.1% thanks to growth across all merchandise categories and regions.
"During the quarter, we built on the excitement in our stores with new brands, desirable merchandise and compelling promotional events," said CEO and president Michael Glazer.
"Our direct-to-consumer sales increased 66% over last year and we expect this business to exceed $25m in sales for the year. In addition, our new store growth continued as we opened ten traditional stores and nine Steele's stores."
The company now expects full-year earnings per share, excluding a $0.06 one-time charge, to be between $1.20 and $1.28, compared to earlier guidance of $1.15 and $1.25.
Full-year comparable store sales are forecast to range from 4.5% to 5.5%, compared to previous guidance of 2.5% to 3.5%.
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....
Discount department store retailer Stage Stores is cutting 105 jobs as it looks to consolidate its South Hill, Virginia regional operations into its Houston, Texas corporate headquarters....
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