Stage Stores Q2 Comps Down, Confirms FY16 View

(RTTNews) - Stage Stores, Inc. (SSI) Thursday reported net profit of $0.04 million or $0.00 per share compared to $0.05 per share last year. On an adjusted basis, profit was $0.08 million or $0.03 per share.

On average, 7 analysts polled by Thomson Reuters expected the company to earn $0.05 per share. Analysts estimates usually exclude special items.

The specialty retailer announced 9.8 percent decline in second quarter comparable sales, while sales were down 11.2 percent from the prior year.

Net revenue for the quarter was $338.4 million, down from $380.9 million in the prior year. Analysts expected $347.07 million.

Further, the company affirmed guidance for the fiscal year in a range of $0.15 to $0.35 per share, while adjusted earnings per share are confirmed in a range of $0.20 to $0.40. The company now expects negative comparable sales range of 6 to 4 percent.

Michael Glazer, president and CEO said, "Our second quarter results were hurt by a challenging retail environment and continued regional pressure from depressed oil prices and the weak peso. While we anticipate the macro headwinds will continue, we expect the impact on our business to lessen as we anniversary the sluggish business that started late in the third quarter of last year."

The Board declared a quarterly cash dividend of 15, payable on September 14 to shareholders on record August 30.