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HotPix 2010
MR's Annual look at interesting companies that might be under your radar, as published in the April 2010 issue. Click here to browse.
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Apparel and footwear retailer Stage Stores Inc has beaten expectations with a 9.9% rise in fourth quarter profit, offsetting lower sales with tight control over inventories and costs.
Net income for the three months to 30 January rose to $27.9m or $0.72 per share, from $25.3m or $0.67 per share, in the prior year.
Revenue for the quarter, however, fell 5.3% to $431.7m.
Gross margin increased 180 basis points and SG&A expenses were down $2.1m, the company said, despite operating an extra 19 stores.
For the fiscal year, profit was $28.7m or $0.75 per share, compared to a net loss of $65.5m or $1.71 per share the year before. Last year’s results included an impairment charge of $95.4m.
Looking ahead, Stage Stores expects full-year same-store sales to be in a range of down 1.0% to up 1.0%, and earnings of $0.80 to $0.90 per share.
“While we believe that 2010 will be another challenging year, we are nonetheless projecting growth in sales, operating margin and diluted earnings per share,” noted Andy Hall, president and chief executive officer.
“We are planning to open 30 – 35 new stores and we expect to spend $40-$45m in net capital expenditures.”
First quarter same-store sales are seen in a range of down 2.0% to flat, with earnings per share ranging from down $0.02 to up $0.02. This compares with a loss of $0.02 in the same period last year.
