US: Stage Stores lowers FY guidance, sales fall
US apparel, footwear and accessories retailer Stage Stores has lowered its earnings guidance for the full year and revealed slowing traffic hit sales in the run up to Christmas.
In the nine weeks ended 4 January, sales dropped to US$427m from $428m in the prior year quarter. Comparable store sales dropped 1.5%.
CEO Michael Glazer said the company was "pleased" with its strong sales in early November and during Thanksgiving and Black Friday. However, he said traffic slowed in the weeks leading up to Christmas and so the firm was unable to maintain its early positive sales trend.
Based on the sales results and the impact of a "highly promotional environment on merchandise margin", Stage Stores reduced its 2013 adjusted EPS guidance to a range of $1.10 to $1.15 from $1.20 to $1.30 previously.
The company will report its fourth-quarter and full-year sales and earnings results on 6 March.
US department store retailer Stage Stores has raised its full-year earnings guidance on the back of holiday sales growth....
US retailer Stage Stores has narrowed its third quarter net loss and reaffirmed EPS guidance for its next quarter....
- What the EU-Vietnam trade deal means for duties
- Ultimate frontier Myanmar uplifts Bogart Lingerie
- US apparel import growth led by Bangladesh
- Are apparel prices really rising?
- US apparel retailers' January 2016 sales roundup
- Sears looks to lift apparel via sourcing changes
- Direct sourcing helps M&S narrow the gap with Next
- Eco-friendly garment factory opens in Bangladesh
- Clothing and sports chains in activewear battle
- Nike accelerates digital strategy with new hire
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Wearable technology: The future market potential for smart garments and e-textiles
- Global market review of denim and jeanswear – forecasts to 2021
- Practical Price Negotiation
- Wearable Technology Market by Product, Application, Type, & Geography - Global Forecast to 2020