In either event, the company currently expects that the effect of any required adjustments would be to reduce it's previously reported diluted earnings per share from $1.76 to $1.64 for fiscal 2003, from $1.72 to $1.59 for fiscal 2004, from $1.90 to $1.78 for fiscal 2005, and from $0.72 to $0.57 for the quarter ended April 29th 2006.
The Audit Committee of the Board of Directors is actively involved in reviewing this matter along with the company's management, and has retained the services of BDO Seidman, LLP to assist management in this matter. BDO Seidman was selected because of its broad depth of retail accounting experience.
Scarborough continued, "Stage Stores has always maintained the highest standards of conduct in our accounting practices and strict compliance with all applicable accounting standards. Our proactive response to this matter reinforces our commitment to providing a clear and accurate presentation of our financial condition and results."
Scarborough further said, "While the release of our second quarter financial results will be delayed, I am pleased to report that, from a sales and operations standpoint, the second quarter was a good all-around quarter for our company and we are very pleased with our results.”
Stage Stores Inc brings nationally recognized brand name apparel, accessories, cosmetics and footwear for the entire family to small and mid-size towns and communities through 585 stores located in 31 states.
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