Stage Stores widens net loss in Q1

Houston – Stage Stores Inc. reported a net loss of $18.79 million in the first quarter of fiscal 2014, up from a net loss from $6.86 million in the same period a year earlier. Net sales slightly declined to $372.04 million from $372.1 million, while same-store sales decreased 0.2%.

One-time charges associated with moving the company’s South Hill, Virginia, operations into its Houston headquarters totaled approximately $9.7 million and contributed to Stage’s net loss. President and CEO Michael Glazer also cited factors including weather and low prices as affecting the retailer’s results.

“Comparable store sales were flat in a volatile first quarter, marked by a highly promotional retail environment and unseasonable weather,” said Glazer. Our results were also impacted by our sales mix for the quarter, which was heavily weighted with clearance goods. While this hurt our gross margin, we feel very good about our inventory content heading into the rest of the year.”

 

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