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Stage Stores, Inc.$2.47($.03)(1.20%)

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 Stage Stores Reports Fourth Quarter and Annual Results
   Thursday, March 02, 2017 6:30:00 AM ET

Stage Stores, Inc. (SSI ) today reported results for the fourth quarter and fiscal year ended January 28, 2017, and provided guidance for fiscal year 2017. For the fourth quarter, comparable sales decreased 8.5%, net loss was $6.8 million, or a $0.25 loss per diluted share and, on an adjusted basis, fourth quarter net income was $5.7 million, or $0.20 per diluted share.

Michael Glazer, President and Chief Executive Officer, commented, "Our fourth quarter adjusted earnings reflect continued challenges in our oil impacted and border states, as well as the overall soft retail environment. Weak traffic led to heightened promotional activity and gross margin pressure in the quarter, yet we are pleased to end 2016 with inventory levels that are 6% lower than last year. In addition, our direct-to-consumer business grew at a double digit rate as we enhanced our customers’ online experience."

Mr. Glazer continued, "As we look ahead to 2017, we expect external headwinds and customer behavior changes to persist. We will take steps to drive improved performance by focusing on sales in key merchandise categories, creating an exceptional customer experience in our stores and online, and raising the level of engagement with customers through our marketing. We generated positive free cash flow in 2016 and expect to deliver positive free cash flow again in 2017 by reducing capital expenditures, managing expenses prudently, and improving working capital."

Fourth Quarter and 2016 Results

For the fourth quarter, comparable sales decreased 8.5%. Total sales decreased 9.6% to $454.4 million, as compared to $502.6 million in the fourth quarter of the prior year. Net loss was $6.8 million, or $0.25 per diluted share, versus net income of $21.0 million, or $0.71 per diluted share, in the fourth quarter of the prior year. On an adjusted basis, fourth quarter net income was $5.7 million, or $0.20 per diluted share, as compared to adjusted net income of $26.8 million, or $0.91 per diluted share, in the fourth quarter of the prior year.

For fiscal 2016, comparable sales decreased 8.8%. Total sales decreased 10.1% to $1,442.7 million, as compared to $1,604.4 million for the prior year. Net loss was $37.9 million, or $1.40 per diluted share, versus net income of $3.8 million, or $0.12 per diluted share, for the prior year. On an adjusted basis, 2016 net loss was $24.1 million, or $0.89 per diluted share, as compared to adjusted net income of $16.2 million, or $0.51 per diluted share, for the prior year.

Adjusted results for fiscal years 2016 and 2015 and the fourth quarters of those years exclude charges related to the consolidation of the Company’s corporate headquarters, severance associated with workforce reductions, strategic store closures and impairments, including a non-cash $11.7 million net of tax impairment in the fourth quarter of 2016. The adjustments, after tax, totaled approximately $12.5 million ($0.44 per diluted share) and $5.9 million ($0.20 per diluted share) for the fourth quarters of fiscal 2016 and 2015, respectively. The adjustments, after tax, totaled approximately $13.8 million ($0.51 per diluted share) and $12.4 million ($0.39 per diluted share) for fiscal years 2016 and 2015, respectively.

The Company did not open any stores and closed 37 stores during 2016.

2017 Guidance

The Company expects sales to be in a range of $1,330 million to $1,385 million, assuming comparable sales in a range of -4% to -8%. Total sales include the impact of a 53rd week, while comparable sales reflect a 52-week period.

Loss per diluted share is expected to be between $0.95 and $1.55. Weighted average shares for the year are expected to be approximately 27.5 million. The effective tax rate is projected to be between 32% and 35%.

Free cash flow (defined as net cash provided by operating activities less capital expenditures) is expected to be positive within the Company’s provided guidance range.

Capital expenditures in 2017, net of construction allowances from landlords, are expected to be in the range of $35 million to $40 million, compared to $67 million in 2016.

Conference Call / Webcast Information

The Company will hold a conference call today at 8:30 a.m. Eastern Time to discuss its results and guidance. Interested parties may access the Company’s conference call by dialing 844-415-6993. Alternatively, interested parties may listen to a live webcast of the conference call through the Investor Relations section of the Company’s website (www.stagestoresinc.com) under the "Webcasts" caption. A replay of the conference call will be available online until midnight on Friday, March 17, 2017.

About Stage Stores

Stage Stores operates 798 specialty department stores in 38 states and a direct-to-consumer channel under the BEALLS, GOODY’S, PALAIS ROYAL, PEEBLES and STAGE nameplates. The Company’s stores, predominantly located in small towns and communities, and direct-to-consumer business offer a moderately priced, broad selection of trend-right, brand name apparel, accessories, cosmetics, footwear and home goods for the entire family. The Company’s direct-to-consumer channel includes its e-commerce website and Send program. Its e-commerce website features assortments of merchandise similar to that found in its stores, as well as products available exclusively online. The Send program allows customers in the stores to have merchandise shipped directly to their homes if the merchandise is not available in the local store. For more information about Stage Stores, visit the Company’s website at www.stagestoresinc.com.

Use of Adjusted (Non-GAAP) Financial Measures

The Company reports its financial results in accordance with generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures help to facilitate comparisons of Company operating performance across periods. This release includes non-GAAP financial measures identified as "adjusted" results. A reconciliation of all non-GAAP financial measures to the most comparable GAAP financial measures is provided in a table included with this release.

Caution Concerning Forward-Looking Statements

Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and such statements are intended to qualify for the protection of the safe harbor provided by the Act. The words "anticipate," "estimate," "expect," "objective," "goal," "project," "intend," "plan," "believe," "will," "should," "may," "target," "forecast," "guidance," "outlook" and similar expressions generally identify forward-looking statements. Similarly, descriptions of the Company’s objectives, strategies, plans, goals or targets are also forward-looking statements. Forward-looking statements relate to the expectations of management as to future occurrences and trends, including statements expressing optimism or pessimism about future operating results or events and projected sales, earnings, capital expenditures and business strategy. Forward-looking statements are based upon a number of assumptions concerning future conditions that may ultimately prove to be inaccurate. Forward-looking statements are based upon management’s then-current views and assumptions regarding future events and operating performance. Although management believes the expectations expressed in forward-looking statements are based on reasonable assumptions within the bounds of its knowledge, forward-looking statements involve risks, uncertainties and other factors which may materially affect the Company’s business, financial condition, results of operations or liquidity.

Forward-looking statements are not guarantees of future performance and actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including, but not limited to, economic conditions, cost and availability of goods, inability to successfully execute strategic initiatives, competitive pressures, economic pressures on the Company and its customers, freight costs, the risks discussed in the Risk Factors section of the Company’s most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission ("SEC"), and other factors discussed from time to time in the Company’s other SEC filings. This release should be read in conjunction with such filings, and you should consider all of such risks, uncertainties and other factors carefully in evaluating forward-looking statements.

You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. The Company undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any further disclosures the Company makes on related subjects in its public announcements and SEC filings.

 
 
                                                                                                                                         Stage Stores, Inc.
                                                                                                                           Condensed Consolidated Statements of Operations
                                                                                                                                (in thousands, except per share data)
                                                                                                                                             (Unaudited)
                                                                         
                                                                                                                                                                                                 Three Months Ended
                                                                                                                ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                  January 28, 2017                                                                 January 30, 2016
                                                                                                                ------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------
                                                                                                                             Amount                        % to Sales (a)                                          Amount                   % to Sales (a)
                                                                                                                ---------------------------------                     ------------------------------                     ---------------------------------                     ---------------------
                                                                                                                                                                                                                                                                                
Net sales                                                                                                         $ 454,443                                             100.0  %                        $ 502,629                                                100.0 %
Cost of sales and related buying, occupancy and distribution expenses                                               365,538                           80.4  %                          361,678                              72.0 %
                                                                                                                ----------  --------------------                      ------- ---------------------                      ----------  --------------------                      ---------- ---------
Gross profit                                                                                                         88,905                                              19.6  %                          140,951                                                 28.0 %
Selling, general and administrative expenses                                                                         95,988                                              21.1  %                          106,075                                                 21.1 %
Interest expense                                                                                                      1,435                            0.3  %                              982                               0.2 %
                                                                                                                ----------  --------------------                      ------- ---------------------                      ----------  --------------------                      ---------- ---------
Income (loss) before income tax                                                                                      (8,518 )                                            (1.9 )%                                              33,894                                                  6.7 %
Income tax expense (benefit)                                                                                         (1,674 )                                            (0.4 )%                                              12,909                               2.6 %
                                                                                                                --------------------------------                      ------- ---------------------                      --------------------------------                      ---------- ---------
Net income (loss)                                                                                                 $  (6,844 )                                            (1.5 )%                                           $  20,985                               4.2 %
                                                                                                                === ======= ====================                      ======= =====================                      === ======= ====================                      ========== =========
                                                                                                                                                                                                                                                                                
Basic earnings (loss) per share data:
  Basic earnings (loss) per share                                                                                 $   (0.25 )                                                                                              $    0.72  
                                                                                                                === ======= ====================                                                                         === ======= ====================
  Basic weighted average shares outstanding                                                                          27,163                                                                                28,828  
                                                                                                                ================================                                                                         ================================
                                                                                                                                                                                                                                                                                
Diluted earnings (loss) per share data:
  Diluted earnings (loss) per share                                                                               $   (0.25 )                                                                                              $    0.71  
                                                                                                                === ======= ====================                                                                         === ======= ====================
  Diluted weighted average shares outstanding                                                                        27,163                                                                                28,848  
                                                                                                                ================================                                                                         ================================
                                                                                                                                                                                                                                                                                
(a) Percentages may not foot due to rounding.
 
 
                                                                                                                                                        Stage Stores, Inc.
                                                                                                                                          Condensed Consolidated Statements of Operations
                                                                                                                                               (in thousands, except per share data)
                                                                                                                                                            (Unaudited)
                                                                         
                                                                                                                                                                                                                Twelve Months Ended
                                                                                                                ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                     January 28, 2017                                                                        January 30, 2016
                                                                                                                ------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------
                                                                                                                                Amount                           % to Sales (a)                                                                 Amount                    % to Sales (a)
                                                                                                                ---------------------------------------                     ------------------------------                                          ------------------------------------                     ---------------------
                                                                                                                                                                                                                                                                                                              
Net sales                                                                                                             $ 1,442,718                                             100.0  %                                              $ 1,604,433                                                100.0 %
Cost of sales and related buying, occupancy and distribution expenses                                                   1,144,666                           79.3  %                                                1,208,002                              75.3 %
                                                                                                                ----------------  --------------------                      ------- ---------------------                                           -------------  --------------------                      ---------- ---------
Gross profit                                                                                                              298,052                                              20.7  %                                                  396,431                                                 24.7 %
Selling, general and administrative expenses                                                                              356,064                                              24.7  %                                                  387,859                                                 24.2 %
Interest expense                                                                                                            5,051                            0.4  %                                                    2,977                               0.2 %
                                                                                                                ----------------  --------------------                      ------- ---------------------                                           -------------  --------------------                      ---------- ---------
Income (loss) before income tax                                                                                           (63,063 )                                            (4.4 )%                                                                       5,595                                                  0.3 %
Income tax expense (benefit)                                                                                              (25,166 )                                            (1.7 )%                                                                       1,815                               0.1 %
                                                                                                                --------------------------------------                      ------- ---------------------                                           -----------------------------------                      ---------- ---------
Net income (loss)                                                                                                     $   (37,897 )                                            (2.6 )%                                                                 $     3,780                               0.2 %
                                                                                                                ======= ========= ====================                      ======= =====================                                           ==== ========= ====================                      ========== =========
                                                                                                                                                                                                                                                                                                              
Basic earnings (loss) per share data:
  Basic earnings (loss) per share                                                                                     $     (1.40 )                                                                                                                    $      0.12  
                                                                                                                ======= ========= ====================                                                                                              ==== ========= ====================
  Basic weighted average shares outstanding                                                                                27,090                                                                                                        31,145  
                                                                                                                ======================================                                                                                              ===================================
                                                                                                                                                                                                                                                                                                              
Diluted earnings (loss) per share data:
  Diluted earnings (loss) per share                                                                                   $     (1.40 )                                                                                                                    $      0.12  
                                                                                                                ======= ========= ====================                                                                                              ==== ========= ====================
  Diluted weighted average shares outstanding                                                                              27,090                                                                                                        31,188  
                                                                                                                ======================================                                                                                              ===================================
                                                                                                                                                                                                                                                                                                              
(a) Percentages may not foot due to rounding.
 
 
                                                                                                     Stage Stores, Inc.
                                                                                            Condensed Consolidated Balance Sheets
                                                                                              (in thousands, except par value)
                                                                                                         (Unaudited)
                                                                                                           
                                                                                                                    January 28, 2017                                                              January 30, 2016
                                                                                                           -----------------------------------                                          ------------------------------------
                                                                                                           ASSETS
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents                                                                                      $  13,803                                                                     $  16,487
Merchandise inventories, net                                                                                     409,384                                                                       435,996
Prepaid expenses and other current assets                                                                         41,574                                                     48,279  
                                                                                                           ----------------------------------                                           -----------------------------------
  Total current assets                                                                                           464,761                                                                       500,762
                                                                                                                                                                                         
Property, equipment and leasehold improvements, net                                                              284,110                                                                       311,717
Intangible assets                                                                                                 15,235                                                                        15,235
Other non-current assets, net                                                                                     22,883                                                     20,385  
                                                                                                           ----------------------------------                                           -----------------------------------
  Total assets                                                                                                 $ 786,989                                                  $ 848,099  
                                                                                                           ===== ======= ====================                                           ====== ======= ====================
                                                                                                                                                                                         
                                                                                            LIABILITIES AND STOCKHOLDERS’ EQUITY
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Accounts payable                                                                                               $ 101,985                                                                     $  84,019
Accrued expenses and other current liabilities                                                                    66,685                                                     71,863  
                                                                                                           ----------------------------------                                           -----------------------------------
  Total current liabilities                                                                                      168,670                                                                       155,882
                                                                                                                                                                                         
Long-term debt obligations                                                                                       163,749                                                                       162,876
Other long-term liabilities                                                                                       74,410                                                     99,588  
                                                                                                           ----------------------------------                                           -----------------------------------
  Total liabilities                                                                                              406,829                                                    418,346  
                                                                                                           ----------------------------------                                           -----------------------------------
                                                                                                                                                                                         
Commitments and contingencies
                                                                                                                                                                                         
Common stock, par value $0.01, 100,000 shares authorized, 32,340                                                     323                                                                           320
and 32,030 shares issued, respectively
Additional paid-in capital                                                                                       410,504                                                                       406,034
Less treasury stock - at cost, 5,175 shares, respectively                                                        (43,286 )                                                                     (43,068 )
Accumulated other comprehensive loss                                                                              (5,648 )                                                                      (6,353 )
Retained earnings                                                                                                 18,267                                                     72,820  
                                                                                                           ----------------------------------                                           -----------------------------------
  Total stockholders’ equity                                                                                     380,160                                                    429,753  
                                                                                                           ----------------------------------                                           -----------------------------------
  Total liabilities and stockholders’ equity                                                                   $ 786,989                                                  $ 848,099  
                                                                                                           ===== ======= ====================                                           ====== ======= ====================
 
 
                                                                                                           Stage Stores, Inc.
                                                                                             Condensed Consolidated Statements of Cash Flows
                                                                                                             (in thousands)
                                                                                                               (Unaudited)
                                                                              
                                                                                                                                                                      Twelve Months Ended
                                                                                                                     --------------------------------------------------------------------------------------------------------------------
                                                                                                                               January 28, 2017                         January 30, 2016
                                                                                                                     -------------------------------------                                          -------------------------------------
Cash flows from operating activities:
  Net income (loss)                                                                                                        $ (37,897 )                                                                    $   3,780
  Adjustments to reconcile net income (loss) to net cash provided by
  operating activities:
     Depreciation, amortization and impairment of long-lived assets                                                           91,656                                                                         77,599
     Loss on retirements of property, equipment and leasehold improvements                                                       296                                                                            719
     Deferred income taxes                                                                                                   (20,224 )                                                                       (2,330 )
     Tax (deficiency) benefit from stock-based compensation                                                                   (4,565 )                                                                          409
     Stock-based compensation expense                                                                                          9,461                                                                         12,394
     Amortization of debt issuance costs                                                                                         229                                                                            218
     Excess tax benefits from stock-based compensation                                                                --                                                                           (945 )
     Deferred compensation obligation                                                                                            218                                                                            881
     Amortization of employee benefit related costs                                                                              897                                                                          1,522
  Construction allowances from landlords                                                                                       7,079                                                                          3,444
  Other changes in operating assets and liabilities:
     Decrease in merchandise inventories                                                                                      26,612                                                                          5,456
     Decrease in other assets                                                                                                    754                                                                          1,551
     Increase (decrease) in accounts payable and other liabilities                                                             9,768                                                     (64,398 )
                                                                                                                     ------------------------------------                                           ------------------------------------
     Net cash provided by operating activities                                                                                84,284                                                      40,300  
                                                                                                                     ------------------------------------                                           ------------------------------------
                                                                                                                                                                                                     
Cash flows from investing activities:
  Additions to property, equipment and leasehold improvements                                                                (74,257 )                                                                      (90,695 )
  Proceeds from disposal of assets                                                                                             1,179                                                                             43
  Addition to intangible asset                                                                                        --                                                        (325 )
                                                                                                                     ------------------------------------                                           ------------------------------------
     Net cash used in investing activities                                                                                   (73,078 )                                                                      (90,977 )
                                                                                                                     ------------------------------------                                           ------------------------------------
                                                                                                                                                                                                     
Cash flows from financing activities:
  Proceeds from revolving credit facility borrowings                                                                         512,873                                                                        575,570
  Payments of revolving credit facility borrowings                                                                          (510,011 )                                                                     (460,640 )
  Proceeds from long-term debt obligation                                                                                      5,830                                                                 --
  Payments of long-term debt obligations                                                                                      (4,252 )                                                                       (1,714 )
  Payments of debt issuance costs                                                                                               (815 )                                                               --
  Repurchases of common stock                                                                                         --                                                                        (41,587 )
  Payments for stock related compensation                                                                                       (859 )                                                                       (4,465 )
  Proceeds from issuance of stock awards                                                                              --                                                                            543
  Excess tax benefits from stock-based compensation                                                                   --                                                                            945
  Cash dividends paid                                                                                                        (16,656 )                                                                      (18,653 )
                                                                                                                     ------------------------------------                                           ------------------------------------
   Net cash provided by (used in) financing activities                                                                       (13,890 )                                                                       49,999  
                                                                                                                     ------------------------------------                                           ------------------------------------
Net increase in cash and cash equivalents                                                                                     (2,684 )                                                                         (678 )
                                                                                                                                                                                                     
Cash and cash equivalents:
  Beginning of period                                                                                                         16,487                                                      17,165  
                                                                                                                     ------------------------------------                                           ------------------------------------
  End of period                                                                                                            $  13,803                                                   $  16,487  
                                                                                                                     ======= ======= ====================                                           ======= ======= ====================
 
 
                                                                                                                                                      Stage Stores, Inc.
                                                                                                                                         Reconciliation of Non-GAAP Financial Measures
                                                                                                                                           (in thousands, except earnings per share)
                                                                                                                                                          (Unaudited)
                                                                                                                                                                      
                                                                                                                                                   Three Months Ended                                                                                                           Twelve Months Ended
                                                                                                               ------------------------------------------------------------------------------------------                                          ----------------------------------------------------------------------------
                                                                                                                            January 28,                          January 30,                                                         January 28,                  January 30,
                                                                                                                               2017                                                    2016                                                                2017                                            2016
                                                                                                               ----------------------------------                        -----------------------------                                             -----------------                        --------------------------------
Net income (loss) (GAAP)                                                                                             $  (6,844 )                                           $ 20,985                                                                      $ (37,897 )                             $  3,780
Consolidation of corporate headquarters (pretax)                                                                --                                                1,597                                                                            110                                  3,538
Severance charges associated with workforce reduction and pension                                                          839                                                2,633                                                                          1,632                                  2,633
settlement (pretax)
Store closures, impairments and other strategic initiatives (pretax)                                                    19,861                                                3,351                                                                         21,256                                 12,186
Income tax impact                                                                                                       (8,189 )                                             (1,731 )                                                                       (9,179 )                               (5,955 )
                                                                                                               ------------------------------------                      -------------------------------                                           -------------------                      ----------------------------------
Adjusted net income (loss) (non-GAAP)                                                                                $   5,667                          $ 26,835                                                   $ (24,078 )                             $ 16,182  
                                                                                                               ======= ======= ====================                      === ====== ====================                                           ======= ======= ===                      ====== ====== ====================
                                                                                                                                                                                                                                                                                             
Diluted earnings (loss) per share (GAAP)                                                                             $   (0.25 )                                           $   0.71                                                                      $   (1.40 )                             $   0.12
Consolidation of corporate headquarters (pretax)                                                                --                                                 0.06                                                                 --                                   0.11
Severance charges associated with workforce reduction and pension                                                         0.03                                                 0.09                                                                           0.06                                   0.08
settlement (pretax)
Store closures, impairments and other strategic initiatives (pretax)                                                      0.70                                                 0.11                                                                           0.78                                   0.39
Income tax impact                                                                                                        (0.29 )                                              (0.06 )                                                                        (0.33 )                                (0.19 )
                                                                                                               ------------------------------------                      -------------------------------                                           -------------------                      ----------------------------------
Adjusted diluted earnings (loss) per share (non-GAAP)(a)                                                             $    0.20                          $   0.91                                                   $   (0.89 )                             $   0.51  
                                                                                                               ======= ======= ====================                      === ====== ====================                                           ======= ======= ===                      ====== ====== ====================
 
(a) Adjusted diluted earnings per share for the three
months ended January 28, 2017, reflect a $0.01 adjustment
attributable to the weighted average shares outstanding used in the
computations for a GAAP net loss and non-GAAP net income. GAAP
diluted loss per share excludes the effect of potentially dilutive
shares due to a net loss for the period, whereas adjusted diluted
earnings per share includes the effect of dilutive shares due to
adjusted net income for the period.
 
 
 
                                                                                                                                                              Stage Stores, Inc.
                                                                                                                                                 Reconciliation of Non-GAAP Financial Measures
                                                                                                                                                   (in thousands, except earnings per share)
                                                                                                                                                                  (Unaudited)
                                                                        
                                                                                                                                                                                                                      Three Months Ended
                                                                                                               --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                     January 28, 2017                                                                               January 30, 2016
                                                                                                               --------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------
                                                                                                                              Amount                            % to Sales (a)                                                                 Amount                           % to Sales (a)
                                                                                                               -------------------------------------                     ----------------------------------                                          ---------------------------------                     ------------------------------------
Gross profit (GAAP)                                                                                                  $  88,905                                                   19.6                    %                                             $ 140,951                                                     28.0                    %
Store impairments                                                                                                       19,353                                 4.3                    %                                                 1,929                                   0.4                    %
                                                                                                               ------------------------------------                      ---------------------------------                                           --------------------------------                      -----------------------------------
Adjusted gross profit (non-GAAP)                                                                                     $ 108,258                                23.8                    %                                             $ 142,880                                  28.4                    %
                                                                                                               ======= ======= ====================                      =================================                                           === ======= ====================                      ===================================
                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                      Twelve Months Ended
                                                                                                               --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                     January 28, 2017                                                                                                                     January 30, 2016
                                                                                                               --------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------
                                                                                                                              Amount                                               % to Sales (a)                                                                 Amount                                              % to Sales (a)
                                                                                                               -------------------------------------                     ----------------------------------                                          ---------------------------------                     ------------------------------------
Gross profit (GAAP)                                                                                                  $ 298,052                                                   20.7                    %                                             $ 396,431                                                     24.7                    %
Store impairments                                                                                                       19,584                                 1.4                    %                                                10,580                                   0.7                    %
                                                                                                               ------------------------------------                      ---------------------------------                                           --------------------------------                      -----------------------------------
Adjusted gross profit (non-GAAP)                                                                                     $ 317,636                                22.0                    %                                             $ 407,011                                  25.4                    %
                                                                                                               ======= ======= ====================                      =================================                                           === ======= ====================                      ===================================
                                                                                                                                                                                                                                                                                                            
(a) Percentages may not foot due to rounding.
                                                                                                                                                                                                                                                                                                            
                                                                                                                                                    Three Months Ended                                                                                                                   Twelve Months Ended
                                                                                                               --------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------
                                                                                                                            January 28,                                              January 30,                                                                January 28,                                             January 30,
                                                                                                                               2017                                                     2016                                                                       2017                                                    2016
                                                                                                               ----------------------------------                        -------------------------------                                             ------------------------------                        ---------------------------------
Selling, general and administrative expenses (GAAP)                                                                  $  95,988                                              $ 106,075                                                                  $ 356,064                                                $ 387,859
Consolidation of corporate headquarters                                                                         --                                                 (1,597 )                                                                     (110 )                                                 (3,538 )
Severance charges associated with workforce reduction initiative and                                                      (839 )                                               (2,633 )                                                                   (1,632 )                                                 (2,633 )
pension settlement
Store closures and other strategic initiatives                                                                            (508 )                                               (1,422 )                                                                   (1,672 )                                                 (1,606 )
                                                                                                               ------------------------------------                      ---------------------------------                                           --------------------------------                      -----------------------------------
Adjusted selling, general and administrative expenses (non-GAAP)                                                     $  94,641                           $ 100,423                                               $ 352,650                             $ 380,082  
                                                                                                               ======= ======= ====================                      ==== ======= ====================                                           === ======= ====================                      ====== ======= ====================

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170302005345r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170302005345/en/

SOURCE: Stage Stores, Inc.

Stage Stores, Inc. 
Randi Sonenshein, 713-331-4967 
Senior Vice President, Finance and Strategy 
rsonenshein@stagestores.com


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