Stage Stores has reported results for the third quarter ended November 2.
Stage operates a store in Magnolia and at other South Arkansas locations. It plans to convert the Magnolia location to a Gordman’s “off price” store in early 2020.
Stage’s third quarter highlights:
-- Comparable sales increased 17.4 percent.
-- Net loss was $15.9 million compared to net loss of $31.4 million in the third quarter 2018.
-- Adjusted net loss improved by $26.3 million to $4.2 million.
-- Adjusted EBITDA improved $28.5 million to $15.3 million.
-- Converted 17 department stores to Gordmans off-price, bringing total year-to-date conversions to 89.
-- Excess availability under the credit facility at quarter end was $101 million, an increase of approximately $35 million compared to the end of the second quarter 2019.
-- Amazon Counter was expanded to approximately 700 of our stores, generating convenience for customers and increased store traffic.
“Our outstanding third quarter results give us further confidence in our decision to convert the entire company to an off-price business model,” said Michael Glazer, chief executive officer.
“The 17.4 percent increase in third quarter comparable sales was driven by a variety of factors that encompass our guests’ positive reaction to the new Gordmans stores and our pre-conversion activities. The 89 department stores converted to off-price during 2019 delivered a combined sales increase of nearly 40 percent in the third quarter.
“We are thrilled with the early results of our Amazon partnership which is popular with Amazon customers and our loyal guests. Over 700 of our stores are now active pick-up points for Amazon Counter just in time for the holiday season. This will increase our traffic and provide Amazon shoppers with fast, flexible and convenient package pick-up,” he said.
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