Fashion retailer Stage Stores comp store sales drop
10 May '07
3 min read
Stage Stores Inc reported that its total sales for the four-week April period beginning April 8, 2007 and ending May 5, 2007 decreased 13.8% to $102.6 million from $119.0 million in the prior year four-week period beginning April 2, 2006 and ending April 29, 2006. Comparable store sales decreased 14.8% versus an increase of 16.9% last year.
Jim Scarborough, Chairman and Chief Executive Officer, commented, “Our comparable store sales results are a reflection of the Easter calendar shift, which we fully anticipated would have a negative impact on our April sales, combined with unseasonably cool and rainy weather conditions that persisted in our market areas throughout much of the month, which clearly dampened demand for our spring and summer goods."
"Despite our disappointing April sales results, I believe that our merchants have done an exceptional job in stocking our stores with desirable spring and summer merchandise, and we are encouraged by the fact that our comparable store sales were very strong during the last week of the month once warm weather finally arrived.”
For the first quarter, the Company reported that total sales increased 4.3% to $358.2 million from $343.5 million for last year's first quarter. Comparable store sales for the quarter grew 0.1% versus an increase of 3.2% for the prior year period.
Mr. Scarborough further stated, “Our operating results for the first quarter were impacted by unseasonably cool weather patterns, which resulted in lower than projected sales, and an unfavorable merchandise mix which produced lower than anticipated gross margins."
marketing@alchempro.com
