Clothing retailer Stage Stores Inc reported that total sales for the first quarter ended April 29th 2006 increased 10.8 percent to $343.5 million from $310.1 million for the prior year first quarter ended April 30th 2005.
The increase in first quarter sales was driven by a comparable store sales increase of 3.2 percent, as well as sales generated by new stores not yet in the comparable store sales base, and sales of $18.2 million contributed by the recently acquired B.C. Moore stores.
The company also reported first quarter net income of $20.8 million, or $0.72 per diluted share, compared to $20.5 million, or $0.68 per diluted share, in the same quarter last year.
Jim Scarborough, Chairman and CEO, said, "We are pleased with our first quarter performance, which benefited from solid customer demand for our spring merchandise assortments, a favorable merchandise sales mix, and the beneficial impact of our stock repurchase activities. Although we had a slow start to the quarter due to the erratic weather patterns and temperatures in February, and the learning-curve issues we experienced related to the implementation of our new merchandising and warehouse management systems at our Peebles division, Q-1 was a good quarter for our company."
Scarborough continued, "Our expansion of Clinique and Estee Lauder counters continued during the first quarter. In our Stage division, we added four Clinique and six Estee Lauder counters, and we expect toadd an additional five Clinique and six Estee Lauder counters during the second quarter. In our Peebles division, we added ten Clinique and seven Estee Lauder counters, and we expect to add an additional five Clinique and five Estee Lauder counters during the fall."
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 561 stores located in 31 states.
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