Stage Stores reports Q1 loss, expects continued decline
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.
Target 1Q EPS down 6.8%
MINNEAPOLIS Target reported net earnings of $522 million for the first quarter ended May 2, compared with $602 million in the first quarter ended May 3, 2008. Earnings per share in the first quarter decreased 6.8% to 69 cents from 74 cents in the same period a year ago. All earnings per share figures refer to diluted earnings per share.
“Our first quarter earnings per share reflect disciplined execution of our strategy in a difficult environment,” said Gregg Steinhafel, chairman, president and chief executive officer.
Retail sales increased 0.4% in the first quarter to $14.4 billion in 2009 from $14.3 billion in 2008, due to the contribution from new store expansion partially offset by a 3.7% decline in comparable-store sales.
Sam’s Club offering $15 memberships
BENTONVILLE, Ark. Sam’s Club has launched a $15 membership program for the summer. The special membership is available for purchase for a limited time between May 20 and June 7, during regular club hours and extends to new Advantage and Business members. Annual membership fees start at $35.
The membership program is part of Sam’s Club’s “100 Days of Summer” campaign promoting savings and tips for enjoying the summer season.