Stage Stores key revenue metric surges in Nov.
HOUSTON (AP) — Stage Stores' November revenue at stores open at least a year climbed 13.2 percent, surpassing Wall Street's expectations.
The company said Thursday that the period, which included Black Friday, was a good start to the holiday shopping season. The weeks leading up to Christmas can make up as much as 40 percent of a retailer's annual revenue.
Analysts surveyed by Thomson Reuters predicted a 3 percent rise in revenue at stores open at least a year, a key figure for retailers because it excludes results from stores recently opened or closed.
Stage Stores opened on Thanksgiving Day for the first time this year, from 8 p.m. to midnight. Many stores, including Toys R Us and Target, opened on Thanksgiving evening this year in an effort to lure shoppers. CEO Michael Glazer said this strategy worked well for the company, and he was optimistic about December.
Stage Stores, which is based in Houston, has 865 stores in 40 states under the Bealls, Goody's, Palais Royal, Peebles, Stage and Steele's names. The company said that sales were particularly strong for cosmetics, footwear, junior sportswear, petites and home and gifts in the four weeks through Nov. 24.
Total revenue rose 16 percent to $141 million.
Earlier this month the department store operator reported that its fiscal third-quarter loss narrowed as new brands and promotions helped lift demand, and it raised its outlook for the year.