Stage Stores (NASDAQ:STGS)
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Stage Stores, Inc. (Nasdaq:STGS) today reported that
total sales for the five-week period ended July 2, 2005 increased
14.9% to $115.0 million from $100.1 million in the prior year
five-week period ended July 3, 2004. Comparable store sales increased
11.1% versus a decrease of 2.5% last year.
The Company noted that its comparable store sales gain was driven
by positive performances in all of its major product categories, with
the best performing areas being woman's special sizes (+29.0%),
accessories (+20.1%) and misses sportswear (+18.2%).
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SALES SUMMARY
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Comparable Store
Sales Trend Total Sales
% Increase (Decrease) ($ in Millions)
---------------------- ----------------------
Fiscal Period 2005 2004 2005 2004
----------------- -------- -------- -------- --------
1st Quarter 4.9% 4.5% $310.1 $289.7
May 7.0 1.0 100.0 90.6
June 11.1 (2.5) 115.0 100.1
2nd Qtr-To-Date 9.1 (0.9) 215.0 190.7
Year-To-Date 6.6 2.3 525.1 480.4
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Jim Scarborough, Chairman, President and Chief Executive Officer,
commented, "We are very pleased with our 11.1% comparable store sales
increase for June, which clearly benefited from our great merchandise
selections and the onset of warmer weather in our eastern markets."
Mr. Scarborough continued, "As always, we remain intently focused
on growing both our top and bottom line performance by continuing to
achieve comparable store sales increases and maintaining tight expense
controls, and by the expansion of our store base through organic store
growth and opportunistic acquisitions. Our strong cash flow and
healthy balance sheet allows us to continue to invest in our Company's
future growth.
Based on our continuing solid financial results, the recent
performance of our common stock, and our confidence in our long-term
prospects, on July 5, 2005, our Board of Directors approved a 3-for-2
stock split of our outstanding shares. At that same meeting, the Board
also approved a $30 million Stock Repurchase Program, specifically
intended to help mitigate the dilutive impact on earnings per share
that is expected to occur from the future exercise of our Series A and
B warrants (Nasdaq: STGSW and STGSZ) prior to their expiration on
August 23, 2006."
Details of 3-for-2 Stock Split
The Company's 3-for-2 stock split will be paid as a stock
dividend. Holders of record of the Company's common stock at the close
of business on August 4, 2005, will receive one additional share of
common stock for every two shares of common stock that they owned as
of that date. Fractional shares resulting from the stock split will be
paid in cash in lieu of issuing fractional shares. The stock dividend
will be paid on August 19, 2005. Prior to the split, there will be
approximately 18,100,000 shares of the Company's common stock
outstanding. After the split, there will be approximately 27,150,000
shares of the Company's common stock outstanding.
Details of Stock Repurchase Program
Under the Company's $30 million Stock Repurchase Program, the
Company may repurchase its outstanding common stock up to that amount
from time to time, either on the open market or through privately
negotiated transactions. The Stock Repurchase Program will be financed
by the Company's cash flow and other liquidity sources. In addition,
the Company expects to continue to repurchase shares using the
proceeds that it receives from the exercise of employee stock options
under its Amended and Restated 2001 Equity Incentive Plan, including
the tax benefits that will accrue to the Company from the exercise of
those options.
Stage Stores, Inc. brings nationally recognized brand name
apparel, accessories, cosmetics and footwear for the entire family to
small and mid-size towns and communities through 537 stores located in
29 states. The Company operates under the Stage, Bealls and Palais
Royal names throughout the South Central states, and under the Peebles
name throughout the Mid-Atlantic, Southeastern and Midwestern states.
For more information about Stage Stores, visit the Company's web site
at www.stagestores.com.