Stage Stores, Inc. (SSI) Friday reported a wider loss for its first quarter, reflecting mainly a charge related to consolidation of its South Hill, Virginia operations. Sales increased 3.5 percent from last year. The company maintained its adjusted earnings per share outlook for fiscal 2013, while lifted its sales view.
Looking ahead, the retailer remains optimistic about the prospects for the remainder of the year.
Michael Glazer, president and chief executive officer of the company said, "The unseasonably cool weather in March and April, particularly when compared to last year's warm spring, strongly impacted our sales performance." In the first-quarter, the company's net loss widened to $6.86 million or $0.21 per share from $0.42 million or $0.01 per share in the previous year.
The recent-quarter results included one-time items of $0.19 per share, associated with the consolidation of the company's South Hill, Virginia operations into its Houston headquarters. One-time items in the prior-year quarter totaled about $0.06 per share.
Excluding items, adjusted loss was $0.02 per share in the recent quarter, while, the company posted adjusted earnings of $0.05 per share last year. On average, eight analysts polled by Thomson Reuters expected the company to earn $0.09 per share for the quarter. Analysts' estimates typically exclude special items.
Total sales increased 3.5 percent to $378.64 million from $365.69 million reported last year. Analysts expected revenue of $388.43 million for the quarter.
Comparable store sales were up 0.7 percent. The company noted that its best performing categories were accessories and home & gifts.
For fiscal 2013, the company still expects adjusted earnings per share, excluding one-time items, to be in the range of $1.45 to $1.55. The one-time items are associated with the consolidation of South Hill operations, and are estimated to be about $16 million or $0.30 per share for the year.
Sales are now expected to be between $1.70 billion and $1.73 billion, compared to the prior outlook of $1.69 billion to $1.72 billion.
The company also maintained its comparable store sales guidance for the year of an increase of 2 to 4 percent. Analysts expect the company to report fiscal 2013 earnings per share of $1.55, on revenue of $1.72 billion.
Stage Stores believes that the South Hill consolidation will increase its productivity, create synergies, enhance purchasing power, and accelerate sales growth.
In addition, the company said it opened 10 new stores, and closed two stores during the first quarter.
SSI closed Thursday's regular trading at $26.08 on the NYSE.
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