• Q3 loss of US$11m, up from $8.9m
  • Sales down 2.8% to $360m versus $371m 
  • Comparable store sales fall 4.6%
  • Company cuts full-year outlook

US apparel, footwear and accessories retailer Stage Stores has seen its third-quarter net loss widen on higher costs, and has cut its full-year earnings guidance.

"Our comparable store sales improved sequentially each month during the quarter, but significantly lower clearance sales versus last year led to an overall comp decline," said president and CEO Michael Glazer.

"Excluding clearance sales from both years, our comparable store sales were positive for the quarter." 

With regards to the company's consolidation of its South Hill, Virginia operations into its Houston headquarters, Glazer said the company's merchandise assortments in the former site are now "essentially" aligned with the rest of the chain.

Costs associated with the move increased to $4.4m during the quarter, compared to $1.4m in the same period last year. 

The company now expects full-year adjusted earnings per share to be $1.20-1.30, down from its previous guidance of $1.30-1.40. Comparable store store sales are forecast to be flat to a 2% decline.