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 Stage Stores Reports Second Quarter Results, Raises Guidance, and Declares Quarterly Cash Dividend
   Thursday, August 17, 2017 6:00:00 AM ET

Stage Stores, Inc. (SSI ) today reported financial results for the second quarter ended July 29, 2017. For the second quarter, comparable sales were down 3.6%. The net loss for the quarter was $6.3 million, or a $0.23 loss per diluted share. On an adjusted basis, the second quarter net loss was $4.1 million, or $0.15 per diluted share.

"We are pleased to have gained momentum in our business during the second quarter, with sequential improvement that culminated with comparable sales turning positive in July," said Michael Glazer, President and Chief Executive Officer. "Several encouraging trends have emerged that contributed to our 600 basis point comparable sales improvement from the first quarter of this year. Notably, our stores in the four energy states, which include the border stores and account for more than 50% of our comparable sales, outperformed the balance of the chain. Our direct-to-consumer business grew double digits and our non-apparel categories had a positive quarterly comp increase.

"As we continue to integrate our new off-price Gordmans business into the Stage infrastructure, we are excited to see the overwhelming support from the vendor community," continued Mr. Glazer. "Our work to date, along with the compelling merchandise value in the marketplace, furthers our strong prospects for the growth of this business.

"Looking ahead to the Fall season, we remain disciplined in managing expenses and inventory. We feel great about our inventory position, which is down 7% in our department stores. Based on our improved performance, we are raising guidance for the fiscal year. We are managing our business for the long term with a focus on generating positive free cash flow and delivering value to our shareholders through the dividend."

The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.05 cents per share on the Company’s common stock, payable on September 13, 2017 to shareholders of record at the close of business on August 29, 2017.

Second Quarter Reported Results

For the second quarter, comparable sales decreased 3.6%. Total sales increased 11.4% to $377.1 million, as compared to $338.4 million in the prior year. Net loss was $6.3 million, or $0.23 per diluted share, versus $0.04 million, or $0.00 per diluted share, for the prior year.

On an adjusted basis, second quarter net loss was $4.1 million, or $0.15 per diluted share, versus net income of $0.8 million, or $0.03 per diluted share, in the prior year. Adjusted second quarter 2017 results exclude after-tax charges related to the Gordmans acquisition and other store closures of approximately $2.2 million, or $0.08 per diluted share. The prior year’s adjusted second quarter results exclude after-tax charges related to severance associated with workforce reductions and strategic store closures of approximately $0.8 million, or $0.03 per diluted share.

2017 Guidance

The Company is raising its guidance for 2017. Adjusted loss per diluted share is now expected to be between $0.90 and $1.35, compared to the prior guidance of an adjusted loss of $0.95 to $1.55. Updated 2017 guidance assumes comparable sales are in a range of -4% to -7%, excludes after-tax charges associated with the Gordmans acquisition, and store closures and other strategic initiatives totaling approximately $0.23 per diluted share. 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 34%.

Capital expenditures in 2017, net of construction allowances from landlords, are expected to be $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. Interested parties may participate in 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 (corporate.stage.com) under the "Webcasts" caption. A replay of the conference call will be available online until midnight on Friday, September 1, 2017.

About Stage Stores

Stage Stores, Inc. is a leading retailer of trend-right, name-brand values for apparel, accessories, cosmetics, footwear and home goods. As of August 17, 2017, the Company operates in 42 states through 793 BEALLS, GOODY’S, PALAIS ROYAL, PEEBLES and STAGE specialty department stores and 58 GORDMANS off-price stores, as well as an e-commerce website at www.stage.com. For more information about Stage Stores, visit the Company’s website at corporate.stage.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.

(Tables to Follow)

 
                                                                                                                                                      Stage Stores, Inc.
                                                                                                                                                    Condensed Consolidated
                                                                                                                                                   Statements of Operations
                                                                                                                                                (in thousands, except per share
                                                                                                                                                             data)
                                                                                                                                                          (Unaudited)
 
                                                                                                                                                                        Three Months Ended
                                                                                                                ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                     July 29, 2017                                                                                  July 30, 2016
                                                                                                                ---------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------
                                                                                                                                      Amount                         % to Sales (a)                                               Amount                               % to Sales (a)
                                                                                                                --------------------------------------------------                     ----------------                     ---------------------------------------------------------                     ---------------------
                                                                                                                                                                                                                                                                                                           
Net sales                                                                                                                          $ 377,081                                             100.0 %                                               $        338,385                                                    100.0 %
Cost of sales and related buying, occupancy and distribution expenses                                             284,140                           75.4 %                                     252,815                                  74.7 %
                                                                                                                -------------------- ------- --------------------                      ------- -------                      -------------------- -------------- --------------------                      -------------- -----
Gross profit                                                                                                                          92,941                                              24.6 %                                                         85,570                                                     25.3 %
Selling, general and administrative expenses                                                                                         100,643                                              26.7 %                                                         85,368                                                     25.2 %
Interest expense                                                                                                    1,918                            0.5 %                                       1,192                                   0.4 %
                                                                                                                -------------------- ------- --------------------                      ------- -------                      -------------------- -------------- --------------------                      -------------- -----
Loss before income tax                                                                                                                (9,620 )                                            (2.6 )%                                                          (990 )                                                   (0.3 )%
Income tax benefit                                                                                                 (3,362 )                                            (0.9 )%                                     (1,031 )                                                   (0.3 )%
                                                                                                                -------------------- ------- --------------------                      ------- -------                      -------------------- -------------- --------------------                      -------------- -----
Net (loss) income                                                                                                                  $  (6,258 )                                            (1.7 )%                                              $             41                        -- %
                                                                                                                ==================== ======= ====================                      ======= =======                      ==================== ============== ====================                      ============== =====
                                                                                                                                                                                                                                                                                                           
Basic (loss) earnings per share data:
  Basic (loss) earnings per share                                                                                                  $   (0.23 )                                                                                                 $ --  
                                                                                                                ==================== ======= ====================                                                           ==================== ============== ====================
  Basic weighted average shares outstanding                                                                        27,535                                                                       27,111  
                                                                                                                ==================== ======= ====================                                                           ==================== ============== ====================
                                                                                                                                                                                                                                                                                                           
Diluted (loss) earnings per share data:
  Diluted (loss) earnings per share                                                                                                $   (0.23 )                                                                                                 $ --  
                                                                                                                ==================== ======= ====================                                                           ==================== ============== ====================
  Diluted weighted average shares outstanding                                                                      27,535                                                                       27,175  
                                                                                                                ==================== ======= ====================                                                           ==================== ============== ====================
                                                                                                                                                                                                                                                                                                           
(a) Percentages may not foot due to rounding.
 
 
                                                                                                                                  Stage Stores, Inc.
                                                                                                                                Condensed Consolidated
                                                                                                                               Statements of Operations
                                                                                                                            (in thousands, except per share
                                                                                                                                         data)
                                                                                                                                      (Unaudited)
 
                                                                                                                                                     Six Months Ended
                                                                                                                ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                             July 29, 2017                                                             July 30, 2016
                                                                                                                ----------------------------------------------------------------------                     ---------------------------------------------------------------------------
                                                                                                                             Amount                 % to Sales (a)                                   Amount                   % to Sales (a)
                                                                                                                ---------------------------------                     ----------------                     ---------------------------------                     ---------------------
                                                                                                                                                                                                                                                                  
Net sales                                                                                                         $ 685,688                                             100.0 %                              $ 671,135                                                100.0 %
Cost of sales and related buying, occupancy and distribution expenses                                               530,529                           77.4 %                                518,578                              77.3 %
                                                                                                                --------------------------------                      ------- -------                      --------------------------------                      ---------- ---------
Gross profit                                                                                                        155,159                                              22.6 %                                152,557                                                 22.7 %
Selling, general and administrative expenses                                                                        189,152                                              27.6 %                                175,512                                                 26.2 %
Interest expense                                                                                                      3,504                            0.5 %                                  2,221                               0.3 %
                                                                                                                --------------------------------                      ------- -------                      --------------------------------                      ---------- ---------
Loss before income tax                                                                                              (37,497 )                                            (5.5 )%                               (25,176 )                                               (3.8 )%
Income tax benefit                                                                                                  (12,252 )                                            (1.8 )%                                (9,757 )                                               (1.5 )%
                                                                                                                --------------------------------                      ------- -------                      --------------------------------                      ---------- ---------
Net loss                                                                                                          $ (25,245 )                                            (3.7 )%                             $ (15,419 )                                               (2.3 )%
                                                                                                                === ======= ====================                      ======= =======                      === ======= ====================                      ========== =========
                                                                                                                                                                                                                                                                  
Basic loss per share data:
  Basic loss per share                                                                                            $   (0.93 )                                                                                $   (0.57 )
                                                                                                                === ======= ====================                                                           === ======= ====================
  Basic weighted average shares outstanding                                                                          27,401                                                                  27,021  
                                                                                                                ================================                                                           ================================
                                                                                                                                                                                                                                                                  
Diluted loss per share data:
  Diluted loss per share                                                                                          $   (0.93 )                                                                                $   (0.57 )
                                                                                                                === ======= ====================                                                           === ======= ====================
  Diluted weighted average shares outstanding                                                                        27,401                                                                  27,021  
                                                                                                                ================================                                                           ================================
                                                                                                                                                                                                                                                                  
(a) Percentages may not foot due to rounding.
 
 
                                                                                            Stage Stores, Inc.
                                                                                      Condensed Consolidated Balance
                                                                                                  Sheets
                                                                                     (in thousands, except par value)
                                                                                                (Unaudited)
 
                                                                                    July 29, 2017                      January 28, 2017
                                                                                                               ----------------------------------                     ------------------------------------
                               ASSETS
--------------------------------------------------------------------
Cash and cash equivalents                                                                                         $  26,132                                                $  13,803
Merchandise inventories, net                                                                                        460,405                                                  409,384
Prepaid expenses and other current assets                                                                            62,357                                41,574  
                                                                                                               ---------------------------------                      -----------------------------------
  Total current assets                                                                                              548,894                                                  464,761
                                                                                                                                                                       
Property, equipment and leasehold improvements, net                                                                 269,977                                                  284,110
Intangible assets                                                                                                    17,135                                                   15,235
Other non-current assets, net                                                                                        23,925                                22,883  
                                                                                                               ---------------------------------                      -----------------------------------
  Total assets                                                                                                    $ 859,931                             $ 786,989  
                                                                                                               ==== ======= ====================                      ====== ======= ====================
                                                                                                                                                                       
                LIABILITIES AND STOCKHOLDERS’ EQUITY
--------------------------------------------------------------------
Accounts payable                                                                                                  $ 126,904                                                $ 101,985
Accrued expenses and other current liabilities                                                                       73,804                                66,685  
                                                                                                               ---------------------------------                      -----------------------------------
  Total current liabilities                                                                                         200,708                                                  168,670
                                                                                                                                                                       
Long-term debt obligations                                                                                          227,385                                                  163,749
Other long-term liabilities                                                                                          78,209                                74,410  
                                                                                                               ---------------------------------                      -----------------------------------
  Total liabilities                                                                                                 506,302                               406,829  
                                                                                                               ---------------------------------                      -----------------------------------
                                                                                                                                                                       
Commitments and contingencies
                                                                                                                                                                       
Common stock, par value $0.01, 100,000 shares authorized, 32,766 and                                                    328                                                      323
32,340 shares issued, respectively
Additional paid-in capital                                                                                          414,524                                                  410,504
Treasury stock, at cost, 5,175 shares, respectively                                                                 (43,210 )                                                (43,286 )
Accumulated other comprehensive loss                                                                                 (5,385 )                                                 (5,648 )
(Accumulated deficit) retained earnings                                                                             (12,628 )                                                 18,267  
                                                                                                               ---------------------------------                      -----------------------------------
  Total stockholders’ equity                                                                                        353,629                               380,160  
                                                                                                               ---------------------------------                      -----------------------------------
  Total liabilities and stockholders’ equity                                                                      $ 859,931                             $ 786,989  
                                                                                                               ==== ======= ====================                      ====== ======= ====================
                                                                                                                                                                                      
 
                                                                                              Stage Stores, Inc.
                                                                                            Condensed Consolidated
                                                                                           Statements of Cash Flows
                                                                                                (in thousands)
                                                                                                  (Unaudited)
 
                                                                                                                 Six Months Ended
                                                                                                                -----------------------------------------------------------------------------------------------
                                                                                                                            July 29, 2017                          July 30, 2016
                                                                                                                -------------------------------------                     -------------------------------------
Cash flows from operating activities:
  Net loss                                                                                                            $ (25,245 )                                               $ (15,419 )
  Adjustments to reconcile net loss to net cash provided by operating
  activities:
    Depreciation, amortization and impairment of long-lived assets                                                       33,177                                                    36,508
    (Gain) loss on retirements of property, equipment and leasehold                                                        (528 )                                                     124
    improvements
    Deferred income taxes                                                                                                 5,520                                                    (1,404 )
    Tax deficiency from stock-based compensation                                                                 --                                                    (3,230 )
    Stock-based compensation expense                                                                                      4,312                                                     6,552
    Amortization of debt issuance costs                                                                                     144                                                       109
    Deferred compensation obligation                                                                                        (76 )                                                     208
    Amortization of employee benefit related costs                                                                          424                                                       448
  Construction allowances from landlords                                                                                  1,098                                                     6,290
  Other changes in operating assets and liabilities:
    Increase in merchandise inventories                                                                                 (19,251 )                                                 (25,121 )
    Increase in other assets                                                                                            (22,188 )                                                  (9,415 )
    Increase in accounts payable and other liabilities                                                                   30,802                                 34,069  
                                                                                                                ------------------------------------                      ------------------------------------
    Net cash provided by operating activities                                                                             8,189                                 29,719  
                                                                                                                ------------------------------------                      ------------------------------------
                                                                                                                                                                           
Cash flows from investing activities:
  Additions to property, equipment and leasehold improvements                                                           (15,502 )                                                 (57,677 )
  Proceeds from insurance and disposal of assets                                                                          1,307                                                     1,047
  Business acquisition                                                                                                  (36,144 )                                          --  
                                                                                                                ------------------------------------                      ------------------------------------
    Net cash used in investing activities                                                                               (50,339 )                                                 (56,630 )
                                                                                                                ------------------------------------                      ------------------------------------
                                                                                                                                                                           
Cash flows from financing activities:
  Proceeds from revolving credit facility borrowings                                                                    277,013                                                   253,095
  Payments of revolving credit facility borrowings                                                                     (211,891 )                                                (215,700 )
  Proceeds from long-term debt obligation                                                                        --                                                     5,830
  Payments of long-term debt obligations                                                                                 (4,850 )                                                  (2,785 )
  Payments of debt issuance costs                                                                                            (8 )                                          --
  Payments for stock related compensation                                                                                  (135 )                                                    (817 )
  Cash dividends paid                                                                                                    (5,650 )                                                  (8,321 )
                                                                                                                ------------------------------------                      ------------------------------------
    Net cash provided by financing activities                                                                            54,479                                 31,302  
                                                                                                                ------------------------------------                      ------------------------------------
Net increase in cash and cash equivalents                                                                                12,329                                                     4,391
                                                                                                                                                                           
Cash and cash equivalents:
  Beginning of period                                                                                                    13,803                                 16,487  
                                                                                                                ------------------------------------                      ------------------------------------
  End of period                                                                                                       $  26,132                              $  20,878  
                                                                                                                ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                           
 
                                                                                                                                                           Stage Stores, Inc.
                                                                                                                                                       Reconciliation of Non-GAAP
                                                                                                                                                           Financial Measures
                                                                                                                                                   (in thousands, except earnings per
                                                                                                                                                                 share)
                                                                                                                                                               (Unaudited)
 
                                                                                                                   Three Months Ended                                                                                   Six Months Ended
                                                                                                               ------------------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------
                                                                                                                           July 29, 2017                              July 30, 2016                                                July 29, 2017                          July 30, 2016
                                                                                                               -------------------------------------                     --------------------------------------------                     -------------------------------------                     -------------------------------------
Net (loss) income (GAAP)                                                                                             $  (6,258 )                                               $             41                                                 $ (25,245 )                                               $ (15,419 )
Business acquisition costs (pretax)                                                                                      2,933                                                   --                                                     9,208                                            --
Store closures, impairments and other strategic initiatives (pretax)                                                       625                                                              513                                                       781                                                       951
Consolidation of corporate headquarters and severance charges                                                   --                                                              794                                            --                                                       904
associated with workforce reduction (pretax)
Income tax impact                                                                                                       (1,359 )                                                           (522 )                                                  (3,806 )                                                    (720 )
                                                                                                               ------------------------------------                      -------------------------------------------                      ------------------------------------                      ------------------------------------
Adjusted net (loss) income (non-GAAP)                                                                                $  (4,059 )                                               $            826                              $ (19,062 )                                               $ (14,284 )
                                                                                                               ======= ======= ====================                      ======= ============== ====================                      ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                                     
Diluted (loss) earnings per share (GAAP)                                                                             $   (0.23 )                                               $ --                                                 $   (0.93 )                                               $   (0.57 )
Business acquisition costs (pretax)                                                                                       0.11                                                   --                                                      0.34                                            --
Store closures, impairments and other strategic initiatives (pretax)                                                      0.02                                                             0.02                                                      0.03                                                      0.04
Consolidation of corporate headquarters and severance charges                                                   --                                                             0.03                                            --                                                      0.03
associated with workforce reduction (pretax)
Income tax impact                                                                                                        (0.05 )                                                          (0.02 )                                                   (0.14 )                                                   (0.03 )
                                                                                                               ------------------------------------                      -------------------------------------------                      ------------------------------------                      ------------------------------------
Adjusted diluted (loss) earnings per share (non-GAAP)                                                                $   (0.15 )                                               $           0.03                              $   (0.70 )                                               $   (0.53 )
                                                                                                               ======= ======= ====================                      ======= ============== ====================                      ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                     
                                                                                                                                                         Three Months Ended                                                                                                      Six Months Ended
                                                                                                               -----------------------------------------------------------------------------------------------                            ----------------------------------------------------------------------------------------
                                                                                                                           July 29, 2017                                                 July 30, 2016                                                July 29, 2017                                             July 30, 2016
                                                                                                               -------------------------------------                     --------------------------------------------                     -------------------------------------                     -------------------------------------
Gross profit (GAAP)                                                                                                  $  92,941                                                 $         85,570                                                 $ 155,159                                                 $ 152,557
Store closures and impairments                                                                                             513                                           231                                    513                                    231  
                                                                                                               ------------------------------------                      -------------------------------------------                      ------------------------------------                      ------------------------------------
Adjusted gross profit (non-GAAP)                                                                                     $  93,454                              $         85,801                              $ 155,672                              $ 152,788  
                                                                                                               ======= ======= ====================                      ======= ============== ====================                      ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                                     
Selling, general and administrative expenses (GAAP)                                                                  $ 100,643                                                 $         85,368                                                 $ 189,152                                                 $ 175,512
Business acquisition costs                                                                                              (2,933 )                                                 --                                                    (9,208 )                                          --
Store closures and other strategic initiatives                                                                            (112 )                                                           (282 )                                                    (268 )                                                    (720 )
Consolidation of corporate headquarters and severance charges                                                   --                                          (794 )                                          --                                   (904 )
associated with workforce reduction
                                                                                                               --------------  --------------------                      ---------------------  --------------------                      --------------  --------------------                      --------------  --------------------
Adjusted selling, general and administrative expenses (non-GAAP)                                                     $  97,598                              $         84,292                              $ 179,676                              $ 173,888  
                                                                                                               ======= ======= ====================                      ======= ============== ====================                      ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                                                     
 
                                                                                                                  Stage Stores, Inc.
                                                                                                              Reconciliation of Non-GAAP
                                                                                                            Financial Measures (continued)
                                                                                                                 (in thousands, except
                                                                                                                  earnings per share)
                                                                                                                      (Unaudited)
 
                                                                                                                                   Three Months Ended
                                                                                                               ---------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                     July 29, 2017                                              July 30, 2016
                                                                                                               ---------------------------------------------------------                     ---------------------------------------------------------
Loss before income tax (GAAP)                                                                                                     $         (9,620 )                                                            $           (990 )
Business acquisition costs (pretax)                                                                                                          2,933                                                                --
Store closures, impairments and other strategic initiatives (pretax)                                                                           625                                                                           513
Consolidation of corporate headquarters and severance charges                                                    --                                     794  
associated with workforce reduction (pretax)
                                                                                                               -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Adjusted (loss) income before income tax (non-GAAP)                                                                               $         (6,062 )                                                            $            317
                                                                                                                                                                                              
Income tax benefit (GAAP)                                                                                                         $         (3,362 )                                                            $         (1,031 )
Income tax impact on adjustments                                                                                          1,359                                           $            522  
                                                                                                               -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Adjusted income tax benefit (non-GAAP)                                                                                            $         (2,003 )                                                            $           (509 )
                                                                                                                                                                                              
Income tax rate (GAAP)                                                                                                                        35.0 %                                                                       104.2 %
Adjusted income tax rate (non-GAAP)                                                                                                           33.1 %                                                                      (160.3 )%
                                                                                                                                                                                              
                                                                                                                                                                                              
                                                                                                                                                                         2017 Guidance Range
                                                                                                               --------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                          Low                                                                          High
                                                                                                               ---------------------------------------------------------                     ---------------------------------------------------------
Diluted loss per share (GAAP)                                                                                                     $          (1.58 )                                                            $          (1.13 )
Business acquisition costs (pretax)                                                                                                           0.34                                                                          0.34
Store closures, impairments and other strategic initiatives (pretax)                                                                          0.03                                                                          0.03
Income tax impact                                                                                                         (0.14 )                                                    (0.14 )
                                                                                                               -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Adjusted diluted loss per share (non-GAAP)                                                                                        $          (1.35 )                                                            $          (0.90 )
                                                                                                               ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                                                                                                                                  

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170817005329r1&sid=cmtx6&distro=nx&

View source version on businesswire.com: http://www.businesswire.com/news/home/20170817005329/en/

SOURCE: Stage Stores, Inc.

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


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