Why Stage Stores Stock Was Cut in Half Today
Shares of Stage Stores (NYSE: SSI) plunged a brutal 57% on Monday, following the release of its holiday sales figures.
Stage Stores' comparable-store sales rose only 1.4% during the holiday period, which was well below management's forecast. The company, in turn, was forced to lower its guidance for full-year comp growth to 4%-4.5%, down from a prior estimate of 7% to 9%.
"While our positive comparable sales for the holidays did not meet expectations, we remain confident that our off-price strategy will lead to profitable growth in the future," CEO Michael Glazer said in a press release.
Source Fool.com
