Stage Stores Q3 loss widens; cuts forecast
New York — Stage Stores said Thursday that its fiscal third-quarter loss widened as some expenses rose. The company cut its fiscal 2013 adjusted earnings forecast.
The department store retailer lost $11 million for the period ended Nov. 2, compared to a loss of $8.9 million.
Revenue declined 3% to $360.2 million, from $370.6 million. Same-store sales fell 4.6%.
Selling, general and administrative expenses climbed to $98.6 million from $92.5 million during the quarter. Interest expense increased to $718,000 from $568,000.
Stage Stores said that its strongest categories were cosmetics, accessories and footwear. By region, sales were strongest in the Northeast and South Central.
Lowe’s Canada announces executive changes
Toronto — Lowe’s Canada announced it has completed changes to the company’s senior leadership team and is positioned to continue to grow the company across Canada.
The new appointments include:
Nick Padovano was appointed to the newly created position of head of operations and supply chain.. Most recently, he was senior VP, store operations at The Bay/Lord and Taylor.
Igor Halencak was appointed to the newly created position of head of merchandising and marketing. Most recently, Halencak was senior VP, home, hardlines and major appliances at Sears Canada.
Tony Tutolo was appointed to the newly created position of head of finance and administration. Most recently, Tutolo was VP of finance, risk and information technology at the Beer Store and Brewer’s Distributed Limited.
Dollar Tree third-quarter results bolstered by increased traffic
Increased customer traffic helped drive Dollar Tree’s third-quarter results. The retailer cited growth in consumer basics as well as seasonal and variety merchandise, and said its higher margin variety categories are growing at a faster pace.
The company reported consolidated net sales for the quarter of $1.9 billion, a 9.5% increase from $1.72 billion for the year-ago quarter. Comparable store sales increased 3.1%.
“I am pleased with our performance in the third quarter,” said CEO Bob Sasser. “Our comparable-store sales increase was driven principally by increased customer traffic, as new customers are finding Dollar Tree to be part of their solution to balance their household budgets. Our stores executed a quick transition from Halloween and are set with fresh, high-value merchandise for Thanksgiving and the Holiday season.”
During the third quarter, Dollar Tree opened 117 stores, expanded or relocated 19 stores and closed 6 stores. The company operates 4,953 stores in 48 states and 5 Canadian Provinces as of Nov. 2.
Estimated sales for the fourth quarter are anticipated to be in the range of $2.25 billion to $2.31 billion, based on a range of low-single digit positive comparable store sales.