The CEO of Stage Stores blamed warm weather and cheap gas prices for a drop in same-store sales over the holidays.
The company said same store decreased 2.5% for the 10-week period ending Jan. 9.
“Our holiday sales were in line with our expectations despite continued pressure on stores impacted by the oil and gas industry, the weak peso and one of the warmest holiday seasons on record," saidMichael Glazer, president and CEO. "We responded to soft traffic and a highly competitive environment with increased promotions and markdowns. As we move into 2016, we remain focused on controlling costs and inventory levels, while we continue to execute on the strategic initiatives that we believe will position us for sustainable long-term growth.”
Stage Stores Inc. operates 844 specialty department stores in 40 states and direct-to-consumer channel under the BEALLS, GOODY'S, PALAIS ROYAL, PEEBLES and STAGE nameplates.