Stage Stores Inc. nearly doubled its net loss in the first quarter to $15.5 million, or 57 cents a diluted share, from a net loss of $8.6 million, or 27 cents, a year ago.
On an adjusted basis excluding after tax charges connected with the consolidation of the company’s headquarters and store closures, the net loss was $15.1 million, or 56 cents a diluted share, versus a loss of 26 cents a year ago.
Net sales fell 9.9 percent to $332.8 million from $369.3 million, while comparable store sales fell 8.5 percent.
Michael Glazer, president and chief executive officer, said, “Our first-quarter results were hurt by our Texas, Louisiana, Oklahoma and New Mexico stores, due to the impact of depressed oil prices and the weak peso, as well as a challenging retail environment.”
Glazer said that comps were down 3.8 percent, excluding those four states.
The ceo said the company expects the macro factors to continue to weigh on sales performance in the near-term, and that the company will be “reducing our expenses, inventories and capital spending. We continue to plan the business for the long-term, investing in our stores, growing our omnichannel business and improving our merchandising and marketing.”
For fiscal 2016, the company expects adjusted earnings per diluted share at between 20 cents to 40 cents, with comps between down 4 percent to down 6 percent.
Stage operates 825 specialty department stores in 38 states under the nameplates Bealls, Goody’s, Palais Royal, Peebles and Stage.