Stage Stores net sales jump 7% to record level of $310.1mn in Q1
19 May '05
5 min read
Leading moderately priced, nationally recognized brand apparel company Stage Stores Inc reports total sales for the first quarter ended April 29, 2005, increased 7.0% to a record level of $310.1 million from $289.7 million for the prior year first quarter ended May 1, 2004, driven by new stores and a comparable store sales increase of 4.9%, versus an increase of 4.5% last year.
Net income also reached a record level, rising to $20.5 million from $18.5 million in the prior year period, as did diluted earnings per share, which increased 15.7% to $1.03 per diluted share from $0.89 per diluted share last year. This increase reflects operational gains as well as the positive impact of the Company's stock repurchase activities.
Jim Scarborough, Chairman, President and Chief Executive Officer, commented, "We are very pleased to report record sales and earnings for our first quarter. Our comparable store sales were up a solid 4.9% during the quarter, reflecting strong demand for our spring merchandise assortments.
The strength in our business was broad-based, as most of our key merchandise categories achieved comparable store sales increases, and each of our small, mid-size and large market store groups had positive comparable store sales results. Further, comparable store sales at our Peebles stores were higher than our Company average, demonstrating that our initiatives to improve the sales productivity in these stores are showing success."
Mr. Scarborough concluded, "As we enter the second quarter, we are pleased with our current pace of business in May. We look forward to opening seven new stores during the quarter, and we anticipate making additional progress on our key initiatives in merchandising, marketing, information systems, and in our South Hill, Virginia, distribution center."
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