Plus   Neg

Stage Stores Holiday Period Comp Sales Up 1.4%, Slashes FY19 Outlook

Stage Stores, Inc. (SSI) reported Monday that comparable sales for the nine-week holiday period ended January 4, 2020 grew 1.4 percent as compared to the nine-week period ended January 5, 2019.

"Holiday comparable sales were primarily impacted by lower pre-conversion department store sales relative to our projections, and by the warmer holiday season," said Michael Glazer, President and CEO.

The company also said it now expects fiscal 2019 comparable sales in the range of 4.0 to 4.5 percent. In January, comparable sales are off to a strong start, with the first week increasing double digits. The company previously projected comparable sales increase of 7 to 9 percent.

In response to the holiday sales performance, the company implemented incremental promotional efforts in the fourth quarter to ensure appropriate inventory levels as they enter fiscal 2020. As a result, it now expects full year 2019 earnings to be about $25 million to $30 million below the low end of the previously announced guidance range.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said that the current state of the COVID-19 pandemic in the U.S. is "really not good." The U.S. is the country worst-affected by the coronavirus and has recently seen a surge in coronavirus infections as lockdown restrictions are eased. Granules Pharmaceuticals, Inc. recalled twelve (12) lots of type 2 diabetes medication Metformin hydrochloride Extended-Release, in the form of oral film-coated tablets, for the potential presence of nitrosamine impurity, N-Nitrosodimethylamine (NDMA), above levels of the Acceptable Daily Intake Limit (ADI), the U.S. Food and Drug Administration or FDA said in a statement. Palantir Technologies Inc., the Silicon Valley big data analytics company that has handled U.S. government's certain sensitive projects, said it has confidentially filed documents with the Securities and Exchange Commission to go public. In a statement, the company said the proposed public listing of its Class A common stock is expected to take place after the SEC completes its review process.
Follow RTT