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
November 4, 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 third quarter 1999
sales results and certain other matters was issued by the Company
on November 4, 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 November 4, 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.
November 4, 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 THIRD QUARTER 1999 SALES
______________________________
HOUSTON, TX, November 4, 1999 -- Stage Stores, Inc. (NYSE: SGE)
today reported sales for the third quarter ended October 30, 1999
of $264.4 million as compared to $271.6 million for the same
period last year. The decrease in sales primarily reflects the
closure of stores included in the Company's previously announced
Store Closure Program as well as a reduction in the level of
clearance activities during the quarter. Comparable store sales
for the third quarter of 1999 declined 3.8%.
Commenting on the results, Carl E. Tooker, Chairman, President
and Chief Executive Officer, stated, "The decline in comparable
store sales for the third quarter was driven by the reduction in
the level of clearance activities during the early part of the
quarter this year (primarily August) as compared to last year.
Last year, we liquidated our excess Spring and Summer clearance
merchandise through aggressive promotional events which generated
artificially high sales at very low margin levels. Due to our
inventory management initiatives which we have focused on
throughout the year, the level of seasonal clearance merchandise
on hand at the beginning of the quarter was significantly below
last year. The lower level of clearance inventories had a
significant impact on our volume, and as a result, our comparable
store sales for the early part of the quarter declined.
Comparable store sales for the remainder of the quarter improved
and, in fact, were basically flat with last year reflecting the
progress that we have made to date in transitioning our
merchandise mix."
Mr. Tooker further stated, "During the quarter, we continued to
focus on the mix and overall levels of our inventories and feel
that we made significant progress as we closed the quarter
towards positioning our inventories for the important holiday
selling season. In addition, we have substantially completed our
previously announced Store Closure Program by closing 33 of the
35 stores in the program. The last 2 stores in the program will
close after the holiday season."
Mr. Tooker concluded, "With respect to our working capital
facility, we ended the quarter with $161.2 million outstanding
under the facility as compared to $180.4 million at the end of
the third quarter of last year and continue to be in full
compliance with all of our financial covenants. At this time,
our earnings for the third quarter have not been finalized. We
expect to release our earnings on November 18, 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 654 stores in 33 states at the end
of the third 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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