Stage Stores June same-store sales fall

HOUSTON - Clothing retailer Stage Stores Inc. said Thursday that its same-store sales slid 12.6 percent in June, hurt by the ongoing economic downturn and softness in the Northeast.

Analysts surveyed by Thomson Reuters expected a same-store sales decline of 8 percent.

Same-store sales, or sales at stores open at least a year, are a key indicator of retailer performance since they measure growth at existing stores rather than newly opened ones.

The company said cosmetics were its strongest category during the month, with the South Central region recording the best sales results.

Total sales for the period ended July 4 fell 10.1 percent to $128 million.

Stage Stores, which acquired Goody's name through a bankruptcy auction last week, did not open any new stores in the month and closed two Peebles stores and a Palais Royal store during the period. It does not plan to open any new stores in July, but does anticipate opening 14 to 16 new stores in the last half of the year.

Stage Stores currently runs 744 stores in 39 states under Bealls, Palais Royal, Peebles and its namesake brand.

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