Stage Stores, Inc. Announces Consolidated Unaudited Earnings Results for the First Quarter Ended April 29, 2017; Provides Earnings Guidance for the Year 2017
Stage Stores, Inc. announced consolidated unaudited earnings results for the first quarter ended April 29, 2017. For the quarter, the company reported net sales of $308,607,000 compared with $332,750,000 for the same period a year ago. Loss before income tax was $27,877,000 compared to $24,186,000 for the same period a year ago. Net loss was $18,987,000 compared to $15,460,000 for the same period a year ago. Loss per basic and diluted share was $0.70 compared to $0.57 for the same period a year ago. Adjusted loss (non-GAAP) was $15,003,000 compared with $15,109,000 for the same period a year ago. Adjusted diluted loss per share (non-GAAP) was $0.55 compared with $0.56 for the same period a year ago. Net cash used in operating activities was $313,000 compared to net cash provided by operating activities of $8,063,000 for the same period a year ago. Additions to property, equipment and leasehold improvements were $7,359,000 compared with $33,232,000 for the same period a year ago. For the first quarter, comparable sales decreased 9.6%. Total net debt was $201 million against $178 million a year ago.
For the year 2017, the company expects sales, inclusive of the Gordmans business, to be in a range of $1,565 million to $1,620 million, assuming comparable sales for the existing Stage business in a range of negative 4% to negative 8%. Total sales include the impact of a 53rd week, while comparable sales reflect a 52-week period. Adjusted loss per diluted share is expected to be between $0.95 and $1.55, inclusive of the Gordmans business. Adjusted 2017 guidance excludes after-tax charges associated with the Gordmans acquisition, store closures and other strategic initiatives totaling approximately $0.18 per diluted share. The effective tax rate is projected to be between 32% and 35%. Capital expenditures in 2017, net of construction allowances from landlords, are expected to be $40 million, compared to $67 million in 2016. The company expects diluted loss per share (GAAP) of $1.73 to $1.13.