Stage Stores Announces Off-price Conversion Plan; To Suspend Quarterly Dividend
(RTTNews.com) - Stage Stores, Inc. ( SSI ) reported comparable sales for the holiday period and also announced its strategy to convert approximately 220 additional department stores to Gordmans off-price stores by the middle of 2020.
The company plans to suspend its quarterly dividend and expects to spend approximately $35 million in capital in 2019.
On a shifted basis, for nine-week period ended January 5, 2019, Gordmans off-price stores comparable sales increased 2.4%, department stores comparable sales decreased 0.4%, and total company comparable sales increased 0.1%.
The company expects to have nearly 300 Gordmans stores, representing almost 50% of total sales volume, by the end of 2020. The company plans to convert approximately 70 stores in 2019, predominantly in the smaller, mid-western markets.
Stage Stores forecast fourth quarter EBITDA to be approximately $30 million, excluding the potential non-cash impairment charge related to the Peebles trade name.
Read the original article on RTTNews (http://www.rttnews.com/2969155/stage-stores-announces-off-price-conversion-plan-to-suspend-quarterly-dividend.aspx)
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