Houston Stage Stores on Thursday reported a first-quarter loss of $905,000, compared with a $2.3 million profit a year ago, and said it expects a same-store sales decline for the remainder of the year due to the weak economy.
Sales fell 6% to $336.2 million. The retailer also said it expects same-store sales in its fiscal second quarter to fall between 6% and 9%.
Stage Stores said it reduced comparable-store inventory by 14% during the quarter to compensate for weaker sales.
It also opened 10 new stores and plans to open another 13 to 15 stores during the remainder of the year.