Stage Stores reports holiday SSS up 1.1%, narrows FY17 guidance
Stage Stores reported a comparable sales increase of 1.1% for the nine-week period ended December 30, 2017. The company also narrowed its guidance for 2017 to an adjusted loss per diluted share of ($0.90) to ($1.15) and comparable sales of -4.0% to -4.5%, from the previously communicated guidance of an adjusted loss per diluted share of ($0.90) to ($1.25) and comparable sales of -4.0% to -6.0%. Guidance is exclusive of the impact of federal tax reform and the valuation of net deferred tax assets. Michael Glazer, President and Chief Executive Officer, commented, "We were very pleased to see the strong momentum from the third quarter accelerate into the holiday season as we delivered positive comparable sales in both November and December. Our e-commerce sales increased at a double-digit rate once again as we remain focused on driving growth in this channel. Our non-apparel businesses, primarily cosmetics, shoes, home, gifts, and handbags, had the strongest performances during the holiday season. In addition, active apparel continued to be a winning category. We remain excited about the potential of our off-price Gordmans business as we continued to see sequential improvement in sales and our guest experience. As a result of three consecutive months of positive comparable sales and merchandising discipline throughout the year, we expect to end 2017 with our inventory level and content in great shape. With our improved performance during the course of the year, and particularly the strength of our holiday season, our initiatives to jump start the department stores business in 2017 have proven successful."