Stage Stores Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended July 30, 2016; Reaffirms Earnings Guidance for Fiscal 2017
For the six months, the company reported net sales of $671.135 million against $750.229 million a year ago. Loss before income tax was $25.176 million against $11.555 million a year ago. Net loss was $15.419 million or $0.57 per diluted share against $7.022 million or $0.22 per diluted share a year ago. Net cash provided by operating activities was $29.719 million against $13.105 million a year ago. Additions to property, equipment and leasehold improvements were $57.677 million against $35.572 million a year ago. Adjusted net loss was $14.284 million or $0.53 per diluted share against $1.275 million or $0.04 per diluted share a year ago.
The company affirmed its fiscal year 2017 guidance of comparable sales of negative 6% to negative 4% and adjusted earnings per diluted share of $0.20 to $0.40. Capital expenditures in 2016, net of construction allowances from landlords, are expected to be approximately $65 million, compared to $87 million in fiscal 2016.