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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 May 8, 2003 (Date of Report, date of earliest event reported) Stage Stores, Inc. (Exact name of registrant as specified in its charter) 000-21011 (Commission File Number) NEVADA (State or other jurisdiction of incorporation) 91-1826900 (I.R.S. Employer Identification No.) 10201 Main Street, Houston, Texas (Address of principal executive offices) 77025 (Zip Code) (713) 667-5601 (Registrant's telephone number, including area code) Not Applicable (Former name or former address, if changed since last report) ITEM 7. Financial Statements and Exhibits. Not applicable. Not applicable. 99.1 News Release issued by Stage Stores, Inc. on May 8, 2003 reporting April, 2003 sales and updating first quarter 2003 earnings outlook. ITEM 9. Regulation FD Disclosure (and Item 12. Results of Operations and Financial Condition).
On May 8, 2003, Stage Stores Inc. issued a news release announcing its sales for April 2003 and updating its first quarter earnings outlook. A copy of the news release is attached to this Form 8-K as Exhibit 99.1.
This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
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, hereunto duly authorized.
STAGE STORES, INC.
May 8, 2003 /s/ Michael E. McCreery
(Date) Michael E. McCreery
Executive Vice President and Chief
Financial Officer
Exhibit 99.1
NEWS RELEASE
CONTACT:
Bob Aronson
Director of Investor Relations
800-579-2302
(baronson@stagestores.com)
FOR IMMEDIATE RELEASE
STAGE STORES REPORTS APRIL SALES; UPDATES FIRST QUARTER EARNINGS OUTLOOK
HOUSTON, TX, May 8, 2003 - Stage Stores, Inc. (Nasdaq: STGS) today reported that comparable store sales for the four-week period ended May 3, 2003 increased 3.6% as compared to the prior year four-week period ended May 4, 2002. Total sales increased 7.7% to $65.5 million from $60.8 million in the prior year period.
The Company further reported that its April comparable store sales increase was driven by positive sales performances in its accessories, children's, dresses, home & gifts, men's and shoes departments.
For the first quarter, the Company reported that comparable store sales decreased 7.5%, while total sales decreased 4.2% to $198.0 million from $206.7 million last year.
Jim Scarborough, Chairman, President and Chief Executive Officer, commented, "As expected, our April sales results benefited from the calendar shift in the Easter holiday. However, while we did achieve the low end of our projected sales range, our merchandise margins were below plan as we remained focused on driving sales and managing our inventory levels in light of the current difficult retail environment. As a result, we currently expect net income for the first quarter to be slightly below our previously provided low-end estimate of $13.8 million, or $0.71 per diluted share. Looking ahead, in the near term, we anticipate continuing sluggishness in the retail sector due to lingering weak economic conditions."
The Company noted that it expects to announce its first quarter results on May 22nd.
--more--
Stage Stores Reports April Sales;
Updates Earnings Outlook
Page -2
SALES SUMMARY
Comparable Store Sales Trend
Total Sales
% Increase (Decrease)
($ in Millions)
Fiscal Period
2003
2002
2003
2002
February
(7.6)%
6.2%
$59.5
$62.5
March
(15.6)
14.2
73.0
83.4
April
3.6
(1.0)
65.5
60.8
1st Quarter
(7.5)%
7.0%
$198.0
$206.7
During April, the Company completed the remodeling of its store in Gainesville, Texas and its store in Natchitoches, Louisiana, as well as one of its three stores in Shreveport, Louisiana. During the second quarter, the Company plans to open four new stores and complete the remodeling of four more stores.
Stage Stores, Inc. brings nationally recognized brand name apparel, accessories, cosmetics and footwear for the entire family to small and mid-size towns and communities throughout the south central United States. The Company currently operates a total of 362 stores in 13 states under the Stage, Bealls and Palais Royal names.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including comments regarding the Company's outlook and expectations for the first quarter of the 2003 fiscal year and for the near term of the 2003 fiscal year. The Company intends forward looking terminology such as "believes", "expects", "may", "will", "should", "anticipates", "plans" or similar expressions to identify forward-looking statements. Such statements are subject to certain risks and uncertainties which could cause the Company's actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to, those described in the Company's Annual Report on Form 10-K as filed with the Securities and Exchange Commission (the "SEC") on April 23, 2003, in the Company's Quarterly R eports on Form 10-Q as filed with the SEC and other factors as may periodically be described in other Company filings with the SEC.
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