Specialty department store retailer Stage Stores, Inc. (SSI), Thursday, reported decreases in both total and comparable store sales for the month of December 2009. The company also provided an update on its earnings forecast for the fourth quarter and full year.
The Houston, Texas-based company's December total sales were $255 million, down 1% from $257 million in the prior-year month. Comparable store sales for the five-week period declined 2.2% as against a 4.9% decline in December 2008.
Geographically, all regions of the country, with the exception of the South Central and Southwest, had comparable store sales growth during the month.
Stage Stores witnessed comparable store sales increases in its footwear, intimates, juniors and outerwear categories, while its children's, cosmetics, men's and plus sizes categories had comparable store sales that beat the company average.
Andy Hall, President and Chief Executive Officer, said, "We are pleased with our December sales performance and expect sales for the fourth quarter to be well within our comparable store guidance range of down 4% to 7%. "
Based on strong gross margin results after the first nine weeks, the company anticipates earnings per share to be at or near the high end of its guidance range of $0.56 to $0.66 for the fourth quarter and $0.59 to $0.69 for the year.
On average, five analysts polled by Thomson Reuters currently expect the company to earn $0.61 per share for the fourth quarter and $0.63 per share for the year. Analysts' estimates typically exclude special items.
Looking ahead, the company intends to close one store in January. With this closure, store count at fiscal year end will be 758 compared with 739 at the end of last year.
SSI closed Wednesday's regular trading session at $12.26.
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