FORM 8-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
August 5, 1999
(Date of Report, date of earliest event reported)
Stage Stores, Inc.
(Exact name of registrant as specified in its charter)
Commission file number 001-14035
DELAWARE 76-0407711
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identifications No.)
10201 Main Street, Houston, 77025
Texas (Zip Code)
(Address of principal executive
offices)
(713) 667-5601
(Registrant's telephone number, including area code)
Not Applicable
(Former name or address, if changed since last report)
ITEM 5. Other Events.
A press release regarding the Company's second quarter 1999
sales results and certain other matters was issued by the Company
on August 5, 1999 and is attached hereto as Exhibit 99.1.
ITEM 7. Financial Statements and Exhibits.
(a) Financial statements of business acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Exhibits.
99.1 Press release dated August 5, 1999 issued by the
Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
STAGE STORES, INC.
August 5, 1999 /s/ James A. Marcum
(Date) James A. Marcum
Vice Chairman and,
Chief Financial Officer
Exhibit 99.1
NEWS RELEASE
CONTACT:
Bob Aronson
Director of Investor Relations
(800) 579-2302
FOR IMMEDIATE RELEASE
STAGE STORES, INC. REPORTS SECOND QUARTER 1999 SALES
______________________________
HOUSTON, TX, August 5, 1999 -- Stage Stores, Inc. (NYSE: SGE)
today reported that sales for the second quarter ended July 31,
1999 decreased 0.7% to $269.8 million from $271.8 million for the
same period last year. Comparable store sales for the second
quarter of 1999 declined 5.7%.
Commenting on the results, Carl E. Tooker, Chairman, President
and Chief Executive Officer stated, "Our second quarter sales
performance was impacted by a more conservative promotional
cadence throughout the quarter as well as a shift in the timing
of our back to school sale event from the last week of July to
the first week of August. This shift was made in order to
maximize our sales opportunities from the Texas sales tax holiday
period, which will run from August 6th - 8th. Although this
moved a significant amount of volume from July into August, we
believe the shifting of our promotional calendar to coincide with
the Texas sales tax holiday period will positively impact our
back to school business as a whole. The more conservative
promotional cadence we followed during the quarter, as well as an
improvement in the quality, content and aggregate levels of
inventories, allowed us to substantially increase the sell
through of our regular priced goods throughout the entire
quarter. As a result, we expect our merchandise margins to be
significantly better than this year's first quarter as well as
the second quarter of last year."
Mr. Tooker continued, "While our overall sales results for the
quarter were below expectations, we continue to make significant
progress in improving the quality and assortment of our
merchandise mix. In fact, the categories where our merchandise
mix was most improved, namely misses' sportswear, activewear,
cosmetics, juniors and young men's, all posted positive
comparable store sales increases during the second quarter as
compared to the second quarter of last year. While comparable
store sales in our dresses, men's, shoes and intimate apparel
categories improved from the first quarter, the results were
still disappointing. We continue to work on improving the
quality and mix in these categories and believe that we will see
further improvements in the performance of these businesses
during the third quarter."
Mr. Tooker concluded, "Our continuing efforts in controlling
selling, general and administrative expenses also yielded
positive results for the quarter. Although earnings for the
second quarter have not been finalized, we believe that diluted
earnings per share from continuing operations will be within the
current range of analysts' earnings per share estimates.
"In addition, as previously announced, our second quarter results
will include approximately $22.5 million of costs related to our
store closure program. We anticipate that these costs will
negatively impact our second quarter's results by approximately
$0.50 per share.
"With respect to our working capital facility, we continue to be
in full compliance with the covenants for the second quarter. We
will release our second quarter results on August 19, 1999."
Stage Stores, Inc. brings nationally recognized brand name
apparel, accessories, cosmetics and footwear for the entire
family to small towns and communities throughout the United
States. The company operated 683 stores in 34 states at the end
of the second quarter, primarily under the Stage, Bealls and
Palais Royal trade names.
Any statements in this press release that may be considered
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially. These
risks and uncertainties are discussed in periodic reports filed
by the Company with the Securities and Exchange Commission that
the Company urges investors to consider.
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