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Stage Stores reports Q1 loss, expects continued decline

BY CSA STAFF

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.

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Target 1Q EPS down 6.8%

BY CSA STAFF

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.

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Sam’s Club offering $15 memberships

BY CSA STAFF

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.

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