Stage Stores posts loss after goodwill charge, drop in sales

LONDON (MarketWatch) — Stage Stores Inc. said Thursday that it swung to a fiscal third-quarter loss of $102.8 million, or $2.66 a share, from a profit of $2.4 million, or 6 cents a share, a year earlier. Revenue fell 6% to $333.8 million and same-store sales in the period declined 10.3%, or 7.6% excluding the estimated impact of Hurricanes Gustav and Ike. Stage Stores said its quarterly loss was mainly due to a non-cash goodwill impairment charge of $95.4 million. Excluding that charge it would have lost 19 cents a share. Analysts polled by FactSet were forecasting a loss of 15 cents a share. The group said it’s not expecting the economic climate to improve in the fourth quarter and therefore sees same-store sales falling between 8% and 10%. For the fiscal fourth quarter the group forecast earnings of 64 cents to 70 cents a share and said adjusted […]

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