Plus   Neg

Stage Stores Announces Off-price Conversion Plan; To Suspend Quarterly Dividend

Stage Stores, Inc. (SSI) reported comparable sales for the holiday period and also announced its strategy to convert approximately 220 additional department stores to Gordmans off-price stores by the middle of 2020.

The company plans to suspend its quarterly dividend and expects to spend approximately $35 million in capital in 2019.

On a shifted basis, for nine-week period ended January 5, 2019, Gordmans off-price stores comparable sales increased 2.4%, department stores comparable sales decreased 0.4%, and total company comparable sales increased 0.1%.

The company expects to have nearly 300 Gordmans stores, representing almost 50% of total sales volume, by the end of 2020. The company plans to convert approximately 70 stores in 2019, predominantly in the smaller, mid-western markets.

Stage Stores forecast fourth quarter EBITDA to be approximately $30 million, excluding the potential non-cash impairment charge related to the Peebles trade name.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Billionaire Warren Buffett's Berkshire Hathaway reported a profit for the second-quarter that increased 87 percent from last year, as the value of its investment portfolio increased with the stock market. But it took about $10 billion write down on the value of its Precision Castparts aircraft parts unit due to the impact of the COVID-19 pandemic. Operating profit declined 10 percent. Twitter has had preliminary talks with TikTok's Chinese owner ByteDance to buy the U.S. operations of the video-sharing app, the Wall Street Journal reported citing people familiar with the matter. Meanwhile, Microsoft has been the only company so far to say publicly it is pursuing TikTok. Pfizer said Friday it reached a multi-year deal with Gilead Sciences to manufacture and supply Gilead's investigational antiviral remdesivir for COVID-19 patients.
Follow RTT