Q42013 ER 8-K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

________________
 
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

March 6, 2014
(Date of Report, Date of Earliest Event Reported)

Stage Stores, Inc.
(Exact Name of Registrant as Specified in Charter)

1-14035
(Commission File Number)

NEVADA
(State or Other Jurisdiction of Incorporation)
91-1826900
(I.R.S. Employer Identification No.)
 
 
10201 Main Street, Houston, Texas
(Address of Principal Executive Offices)
77025
(Zip Code)
 
(800) 579-2302
(Registrant's Telephone Number, Including Area Code)
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






Item 2.02    Results of Operations and Financial Condition

On March 6, 2014 Stage Stores, Inc. (the "Company") issued a News Release reporting its financial results for the fourth quarter and for the fiscal year ended February 1, 2014. Additionally, the Company provided full year 2014 sales and earnings guidance. A copy of the News Release is attached to this Form 8-K as Exhibit 99.

This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference to such filing.

Item 8.01    Other Events

Non-GAAP Financial Measures

The following supplemental information presents the quarterly and full year results of operations for the fiscal year ended February 1, 2014 on a non-U.S. GAAP basis to show earnings without charges associated with the South Hill Consolidation and the Steele’s division results of operations. The Company has provided the reconciliation of the below non-U.S. GAAP financial results with the results of operations presented on a basis in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) in earnings releases for the periods presented (e.g., News Release attached to this Form 8-K) and in the Company’s quarterly reports on Form 10-Q for the first three fiscal quarters of the fiscal year ended February 1, 2014. Management believes this supplemental financial information enhances an investor's understanding of the Company's financial performance as it excludes those items which impact comparability of operating trends.  The non-U.S. GAAP financial information should not be considered in isolation or viewed as a substitute for net income, cash flow from operations or other measures of performance as defined by U.S. GAAP.  Moreover, the inclusion of non-U.S. GAAP financial information as used herein is not necessarily comparable to other similarly titled measures of other companies due to the potential inconsistencies in the method of presentation and items considered.
Results of Operations on a non-U.S. GAAP basis:
 
 
 
 
 
 
(in thousands, except for earnings per share)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For Fiscal Year ending February 1, 2014
 
1st Quarter
 
2nd Quarter
 
3rd Quarter
 
4th Quarter
 
Full Year
Net sales
$
372,103

 
$
389,991

 
$
354,850

 
$
492,537

 
$
1,609,481

Cost of sales and related buying, occupancy and distribution expenses
279,726

 
269,987

 
267,206

 
342,964

 
1,159,883

Gross profit
92,377

 
120,004

 
87,644

 
149,573

 
449,598

Selling, general and administrative expenses
91,017

 
95,447

 
96,521

 
96,562

 
379,547

Store opening costs
975

 
122

 
1,355

 
450

 
2,902

Interest expense
586

 
708

 
718

 
732

 
2,744

Income (loss) before income taxes
(201
)
 
23,727

 
(10,950
)
 
51,829

 
64,405

Income tax expense (benefit)
(75
)
 
8,791

 
(3,929
)
 
19,632

 
24,419

Net income (loss)
$
(126
)
 
$
14,936

 
$
(7,021
)
 
$
32,197

 
$
39,986

 
 
 
 
 
 
 
 
 
 
Diluted earnings per share
$

 
$
0.45

 
$
(0.22
)
 
$
1.01

 
$
1.22







Item 9.01    Financial Statements and Exhibits
(d)    Exhibits
99
News Release issued by Stage Stores, Inc. on March 6, 2014, announcing its financial results for the fourth quarter and for the fiscal year ended February 1, 2014 and providing full year 2014 sales and earnings guidance.
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
 

 
 
 
STAGE STORES, INC.
 
 
March 6, 2014
/s/ Oded Shein
    (Date)
Oded Shein
 
Executive Vice President and
 
Chief Financial Officer