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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.

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