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Stage Stores Widens Q1 Loss

Michael Glazer said that the quarter’s results were impacted by a sales mix that was “heavily weighted with clearance goods.”

Stage Stores Inc. posted first-quarter results that showed a wider net loss.

 

For the three months ended May 3, the loss was $18.8 million, or 60 cents a diluted share, compared with a loss of $6.9 million, or 21 cents, a year ago. The loss from continuing operations was $12 million, or 38 cents. The sale of its Steele’s division was completed on March 7. Net sales slipped slightly to $372 million from $372.1 million. Comparable-store sales fell 0.2 percent in the quarter.

 

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Michael Glazer, president and chief executive officer, said, “Comparable-store sales were flat in a volatile first quarter marked by a highly promotional retail environment and unseasonable weather.”

Glazer added that the quarter’s results were impacted by a sales mix that was “heavily weighted with clearance goods.”

The retailer expects earnings per share for fiscal year 2014 from continuing operations to be between $1.25 and $1.35, with comps at flat to up 2 percent.