USA: Stage Stores Reports Q2 Income Of $5.9m

By just-style.com | 20 August 2004

Department store chain Stage Stores Inc has announced second-quarter income of $5.9 million, or $0.30 per share.

The year-ago level of $9.1m, or $0.45 per share, is not totally comparable because of the divestiture of the company's private label credit card operations in September last year, and the acquisition of Peebles Inc the following November.

Total second-quarter sales, including Peebles sales in current-year figures, rose $34.8 per cent to $279.9m, from $207.7m in 2003.

Comparable store sales, including Peebles sales in both years, dropped 3.2 per cent compared to a drop of 2.4 per cent in the same period in 2003.

First-half total sales, including Peebles stores in current-year results, rose 40.4 per cent to $569.5m, from $405.7m in 2003.

Comparable store sales, including Peebles sales in both years, rose 0.6 per cent, compared to a drop of 4.6 per cent the year before.

Net income was $24.8m, or $1.22 per share, compared to $22.5m, or $1.14 per share, for the same period in 2003.

The company remodelled 12 stores and completed the expansion of one in the second quarter, and has announced plans to open seven new stores in the third quarter, and an extra nine stores in the final quarter.

Stage Stores has also announced the repurchase of 1.9 million common stock shares at a purchase price of around $68.4m.

Companies: Stage Stores