Stage Stores, Inc. (SSI), a specialty department store retailer, on Tuesday, reported a 1.2% rise in its comparable store sales for the month of June, lower than the 1.4% increase reported last year. Total sales for the month were up 6.4%. The Houston, Texas-based company also expects second-quarter earnings at or above its prior outlook.
According to the company, June comparable store sales growth was broad-based, with its children's dresses, cosmetics, footwear, intimate apparel, men's, misses' sportswear and petites categories posting gains for the month. The company also recorded comparable stores sales increases in all regions of the U.S. except Southwest, which was down slightly.
The company's total sales for the five-week June period increased to $142.0 million from $133.4 million a year ago. For the month of May, the company posted comparable store sales growth of 0.1% and total sales of $122.6 million.
Stage Stores said it did not open any new stores in June. The company continues to expect to open five new stores in July, including its first two stores in Idaho.
For the first quarter, the company's comparable store sales were down 5.4%, compared with a 0.1% increase in the same quarter last year. Total sales for the quarter declined to $353.5 million from $358.2 million last year.
For the year-to-date period, Stage Stores' comparable store sales dropped 2.9%, while it rose 0.7% in the prior-year period. Total sales were $618.1 million, up from $608.2 million a year earlier.
Based on positive comparable store sales results, the company currently expects to meet or exceed the high end of its previously provided second-quarter forecast of a 3% decline in comparable store sales.
The company also expects that earnings for the quarter will also be at or above the high end of its earlier earnings outlook of $0.23 per share. Analysts expect earnings of $0.18 per share for the quarter.
SSI is trading at $13.19 on the NYSE, up $1.37, on a volume of 70,011 shares.
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