Stage Stores, Inc. (Nasdaq:STGS) today reported that total sales
for the third quarter ended October 29, 2005 rose 7.3% to $306.0
million from $285.3 million for the prior year third quarter ended
October 30, 2004. The increase in third quarter sales was driven by
a comparable store sales gain of 3.9%, as well as revenue generated
by new stores. The Company further reported that net income
increased to $9.1 million, or $0.31 per diluted share, versus $8.9
million, or $0.30 per diluted share, last year. Jim Scarborough,
Chairman, President and Chief Executive Officer, commented,
"Despite unseasonably warm weather during much of August and
September, and the significant business disruptions we experienced
due to two major Gulf Coast hurricanes, we managed to grow our
comparable store sales by 3.9%, while our total sales increased by
7.3%, to $306.0 million. Most of our key merchandise categories
achieved comparable store sales gains during the period, with our
women's special sizes once again leading the way with a 14.7%
increase. Additionally, our Peebles stores continued to benefit
from our sales productivity initiatives, and each of our small,
mid-size and large market store groups posted positive comparable
store sales results." Mr. Scarborough continued, "We also
accomplished a number of important strategic and operational
objectives during the quarter. We opened eleven new stores and
expanded our geographic presence to thirty-one states by entering
Connecticut and Georgia. We also relocated six stores, remodeled
four stores and expanded one store. Unfortunately, we had to close
four stores due to damage that they sustained during hurricanes
Katrina and Rita, but we currently expect to reopen all of them
during 2006. In August, we completed our three-for-two stock split.
In September, we issued our first quarterly cash dividend in the
amount of 2.5 cents per share. In October, we completed our $30
million Stock Repurchase Program. We also launched our initial
two-store test of Clinique, by Estee Lauder in October in our Stage
Division, and we are very pleased with our results. Additionally,
we continued to make progress on our Peebles South Hill, Virginia
distribution center and merchandising system initiatives, and we
expect to complete both in January. Lastly, from a humanitarian
perspective, we reached out to those whose lives were affected by
hurricanes Katrina and Rita. Through a combination of internal
initiatives and relief efforts, we provided significant assistance
to those in need to help make their recovery a little easier." Mr.
Scarborough concluded, "Considering the challenges presented to us
by the natural disasters during the quarter, I want to thank each
of our 13,000 associates for their hard work, their charitable
giving, and their dedication." Total sales for the nine-month
period ended October 29, 2005 increased 8.3% to $925.5 million from
$854.8 million last year. Comparable store sales increased 5.3%
versus an increase of 1.8% for the prior year. Net income for the
period was $36.2 million, or $1.22 per diluted share, compared to
$32.8 million, or $1.09 per diluted share, last year. Stock
Repurchase Program The Company reported that, during the third
quarter, it repurchased 1,260,549 shares of its common stock at a
total cost of $33.6 million, resulting in an average price paid of
$26.65 per share. The Company noted that the shares were
repurchased using a combination of its $30.0 million Stock
Repurchase Program, which has now been completed, and $3.6 million
of proceeds that it received from the exercise of employee stock
options. The 1.3 million shares repurchased in the third quarter
raises the total number of shares that have been repurchased to
date by the Company to approximately 6.5 million shares. Fiscal
2005 -- Fourth Quarter and Full Year Outlook Fiscal 2005 -- 4th
Quarter: The Company reaffirmed comfort with its previously
provided sales and net income outlook ranges for the fourth quarter
ending January 28, 2006 of $406.0 to $414.0 million, and $18.5 to
$19.5 million, respectively, with the expectation of a comparable
store sales increase in the low single digits. However, due to an
anticipated higher diluted share count for the fourth quarter as
compared to the Company's previous estimate, principally due to a
higher stock price assumption, diluted earnings per share are now
projected to be in a range of $0.64 to $0.67. In projecting diluted
earnings per share, the Company used a diluted share count of 28.9
million shares, which is up from the 28.6 million shares used
previously. This compares to the Company's previously provided
earnings guidance for the fourth quarter of $0.65 to $0.68 per
diluted share. The Company earned $18.6 million, or $0.62 per
diluted share, last year. In comparing this year's fourth quarter
earnings outlook to last year's actual results, the Company noted
that its fourth quarter projections include non-recurring costs
expected to be incurred principally in connection with the closure
of its Knoxville, Tennessee distribution center, as well as
expenses associated with improvements being made to its South Hill,
Virginia distribution center and merchandising system, of
approximately $0.8 million, or $0.03 per diluted share, on an after
tax basis. Fiscal 2005 -- Full Year: Updating its outlook for the
2005 fiscal year ending January 28, 2006 to include actual results
for the first three quarters of the year, the Company currently
anticipates reporting revenues in the range of $1.332 to $1.340
billion, with the expectation of a comparable store sales increase
in the upper low single digits. Net income is currently estimated
to be in the range of $54.7 to $55.7 million, or earnings of $1.85
to $1.89 per diluted share, using an estimated diluted share count
of 29.5 million shares. This outlook compares to earnings of $51.4
million, or $1.72 per diluted share, for the 2004 fiscal year.
Conference Call Information The Company will host a conference call
today at 8:30 a.m. Eastern Time to discuss the third quarter's
results. Interested parties can participate in the Company's
conference call by dialing 703-639-1213. Alternatively, interested
parties can listen to a live webcast of the conference call by
logging on to the Company's web site at www.stagestores.com and
then clicking on Investor Relations, then Webcasts, then the
webcast link. A replay of the conference call will be available
online until midnight on Friday, November 25, 2005. About Stage
Stores Stage Stores, Inc. brings nationally recognized brand name
apparel, accessories, cosmetics and footwear for the entire family
to small towns and communities through 554 stores located in 31
states. The Company operates under the Bealls, Palais Royal and
Stage names throughout the South Central states, and under the
Peebles name throughout the Mid-Atlantic, Southeastern and
Midwestern states. For more information about Stage Stores, visit
the Company's web site at www.stagestores.com. "Safe Harbor"
Statement This news release contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, including comments regarding the Company's outlook and
expectations for the fourth quarter of the 2005 fiscal year and for
the full 2005 fiscal year. The Company intends forward looking
terminology such as "believes," "expects," "may," "will," "should,"
"could," "anticipates," "plans" or similar expressions to identify
forward-looking statements. Such statements are subject to certain
risks and uncertainties which could cause the Company's actual
results to differ materially from those anticipated by the
forward-looking statements. These risks and uncertainties include,
but are not limited to, those described in the Company's Annual
Report on Form 10-K as filed with the Securities and Exchange
Commission (the "SEC") on April 28, 2005, in the Company's
Quarterly Reports on Form 10-Q as filed with the SEC and other
factors as may periodically be described in other Company filings
with the SEC. (Tables to Follow) -0- *T Stage Stores, Inc.
Condensed Consolidated Statements of Income (in thousands, except
earnings per share) (unaudited) Thirteen Weeks Ended
--------------------------------- October 29, 2005 October 30, 2004
---------------- ---------------- Amount % to Amount % to Sales
Sales (1) (1) --------- ------ --------- ------ Net sales $306,044
100.0% $285,296 100.0% Cost of sales and related buying, occupancy
and distribution expenses 215,328 70.4% 201,170 70.5% --------
------ -------- ------ Gross profit 90,716 29.6% 84,126 29.5%
Selling, general and administrative expenses 73,936 24.2% 68,160
23.9% Store pre-opening costs 1,293 0.4% 1,065 0.4% Interest
expense, net of interest income of $8 and $0, respectively 971 0.3%
774 0.3% -------- ------ -------- ------ Income before income tax
14,516 4.7% 14,127 5.0% Income tax expense 5,371 1.8% 5,227 1.8%
-------- ------ -------- ------ Net income $ 9,145 3.0% $ 8,900
3.1% ======== ====== ======== ====== (1) Percentages may not foot
due to rounding. Basic and diluted earnings per share data: Basic
earnings per share $ 0.34 $ 0.33 ======== ======== Basic weighted
average shares outstanding 27,030 26,794 ======== ======== Diluted
earnings per share $ 0.31 $ 0.30 ======== ======== Diluted weighted
average shares outstanding 29,502 29,246 ======== ======== Stage
Stores, Inc. Condensed Consolidated Statements of Income (in
thousands, except earnings per share) (unaudited) Thirty-Nine Weeks
Ended --------------------------------- October 29, 2005 October
30, 2004 ---------------- ---------------- Amount % to Amount % to
Sales Sales (1) --------- ------ --------- ------ Net sales
$925,534 100.0% $854,826 100.0% Cost of sales and related buying,
occupancy and distribution expenses 647,888 70.0% 601,574 70.4%
--------- ------ --------- ------ Gross profit 277,646 30.0%
253,252 29.6% Selling, general and administrative expenses 215,144
23.2% 197,832 23.1% Store pre-opening costs 2,987 0.3% 1,561 0.2%
Interest expense, net of interest income of $136 and $13,
respectively 2,085 0.2% 1,831 0.2% --------- ------ ---------
------ Income before income tax 57,430 6.2% 52,028 6.1% Income tax
expense 21,249 2.3% 19,250 2.3% -------- ------ -------- ------ Net
income $ 36,181 3.9% $ 32,778 3.8% ======== ====== ======== ======
(1) Percentages may not foot due to rounding. Basic and diluted
earnings per share data: Basic earnings per share $ 1.33 $ 1.19
======== ======== Basic weighted average shares outstanding 27,240
27,491 ======== ======== Diluted earnings per share $ 1.22 $ 1.09
======== ======== Diluted weighted average shares outstanding
29,688 30,072 ======== ======== Stage Stores, Inc. Condensed
Consolidated Balance Sheets (in thousands, except par values)
(unaudited) October January 29, 2005 29, 2005 ---------- ---------
ASSETS ------------------------------------------------- Cash and
cash equivalents $ 15,570 $ 40,455 Merchandise inventories, net
386,943 281,588 Current deferred taxes 23,549 24,031 Prepaid
expenses and other current assets 29,652 22,278 --------- --------
Total current assets 455,714 368,352 Property, equipment and
leasehold improvements, net 238,821 212,179 Goodwill 79,353 79,353
Intangible asset 14,910 14,910 Other non-current assets, net 14,461
12,205 --------- -------- Total assets $ 803,259 $686,999 =========
======== LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------------------- Accounts payable
$ 112,832 $ 74,957 Income taxes payable 2,469 11,024 Current
portion of debt obligations 72 130 Accrued expenses and other
current liabilities 68,017 57,080 --------- -------- Total current
liabilities 183,390 143,191 Debt obligations 76,460 3,048 Deferred
taxes 9,912 11,527 Other long-term liabilities 55,779 47,960
--------- -------- Total liabilities 325,541 205,726 ---------
-------- Commitments and contingencies Common stock, par value
$0.01, 75,000 shares authorized, 32,633 and 32,107 shares issued,
respectively 326 321 Additional paid-in capital 405,990 396,229
Less treasury stock - at cost, 6,448 and 4,625 shares, respectively
(143,515) (94,828) Minimum pension liability adjustment (451) (451)
Retained earnings 215,368 180,002 --------- -------- Stockholders'
equity 477,718 481,273 --------- -------- Total liabilities and
stockholders' equity $ 803,259 $686,999 ========= ======== Stage
Stores, Inc. Condensed Consolidated Statements of Cash Flows (in
thousands) (unaudited) Thirty- Thirty- Nine Nine Weeks Weeks Ended
Ended ---------- --------- October October 29, 2005 30, 2004
---------- --------- Cash flows from operating activities: Net
income $ 36,181 $ 32,778 Adjustments to reconcile net income to net
cash provided by operating activities: Depreciation and
amortization 30,043 26,724 Deferred income taxes (1,133) 3,773
Amortization of debt issue costs 335 335 Provision for bad debts -
311 Deferred stock compensation 592 173 Proceeds from sale of
proprietary credit card portfolio, net - 34,764 Construction
allowances received from landlords 9,583 2,058 Changes in operating
assets and liabilities: Decrease in accounts receivable and
retained interest in receivables sold - 2,880 Increase in
merchandise inventories (105,355) (99,563) (Increase) decrease in
other assets (8,549) 5,323 Increase in accounts payable and other
liabilities 38,493 43,101 --------- -------- Total adjustments
(35,991) 19,879 --------- -------- Net cash provided by operating
activities 190 52,657 --------- -------- Cash flows from investing
activities: Additions to property, equipment and leasehold
improvements (58,492) (32,260) Proceeds from retirement of fixtures
and equipment 391 16 --------- -------- Net cash used in investing
activities (58,101) (32,244) --------- -------- Cash flows from
financing activities: Proceeds from (payments on): Revolving credit
facility, net 73,461 34,210 Finance lease obligations - 1,650
Repurchases of common stock (48,687) (61,701) Debt obligations
(107) (832) Exercise of stock options 9,174 6,392 Payments of cash
dividends (815) - --------- -------- Net cash provided by (used in)
financing activities 33,026 (20,281) --------- -------- Net
increase (decrease) in cash and cash equivalents (24,885) 132 Cash
and cash equivalents: Beginning of period 40,455 14,733 ---------
-------- End of period $ 15,570 $ 14,865 ========= ========
Supplemental disclosures: Interest paid $ 1,737 $ 1,319 =========
======== Income taxes paid $ 27,499 $ 8,189 ========= ======== *T
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