Posted: Mar 12, 2013 7:23 AM
Updated: Mar 12, 2013 7:23 AM
HOUSTON (AP) Stage Stores Inc. said Tuesday that its fourth-quarter net income rose 9 percent, but it fell short of Wall Street predictions and the company issued a disappointing sales forecast for the year.
For the quarter ended Feb. 2, the Houston-based department store operator earned $35.8 million, or $1.09 per share, up from $32.7 million, or $1.05 per share, in the same quarter last year. Revenue increased 10 percent to $527.9 million from $479.1 million.
Analysts, on average, expected earnings of $1.15 per share on $528.2 million in revenue, according to FactSet.
For the full year 2012, the Houston-based company earned $38.2 million, or $1.19 per share, up from $31 million, or 92 cents per share, in 2011. Revenue rose to $1.65 billion from $1.51 billion.
Stage Stores said it expects to post an adjusted 2013 profit of between $1.45 and $1.55 per share on $1.69 billion to $1.72 billion in revenue.
Revenue at stores open at least a year is expected to increase between 2 percent and 4 percent. The metric is a key measure of a retailer's health, because it excludes sales at recently opened or closed stores.
Analysts expect a 2013 profit of $1.51 per share on $1.74 billion in sales.
Its shares fell 33 cents to $26.50 in premarket trading.