Boston, MA 03/07/2014 (wallstreetpr) – Retailer Stage Stores Inc. (NYSE:SSI) has reported a net profit drop, for its fourth quarter and full year after posting its financial report for the period ending February 1 2014. The company also announced it had reached a definitive agreement for the sale of its Steele division which should be completed in the first quarter. Adjusted earnings per share for the full year ending February 1 dropped to $1.22 down from $1.44 reported in F2012
Stage stores during 2013 fiscal year added several brands across its merchandise categories as well as transforming its ecommerce website which had a massive impact on increased consumer sales of 31%
Financial results
Stage stores sales fourth quarter total sales excluding Steeles clocked in at $493 million down from $519 million reported in the fourth quarter of 2012 with comparable store sales also dropping by 3.4%. Full year sales also excluding Steele came in at $1.6 billion a slight drop from highs of $1.63 million reported in 2012. Comparable store sales for the full year also dropped by 1.5%
Stage stores sale earnings for the fourth quarter clocked in at $24.9 million or $0.78 per diluted shares against highs of $35.8 million reported for the same quarter a year ago. Full year earnings came in at $16.6 million or 0.51 earnings per diluted shares compared to total earnings of $38.2 million or 1.19 per diluted share reported in 2012. One time item for the full year including Steele’s impairment charges totaled $31.1 million versus $6.9 million registered in 2012.
2014 Guidance
Stage Stores Inc. (NYSE:SSI) stores plans to expand its operations in 2014 as it plans to open between 40 and 50 new stores while also improving its prospects by introducing high profile brands as well as rolling out cosmetic counters. The company expects comparable store sales to range from flat to 2% with net capital expenditures of $60 million for the current year.
Stage stores was surging in the market on Thursday trading session closing at highs of $22.36 after moving up by 13.22%.
