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.
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.