STAGE STORES INC

CIK:0000006885|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2019	Nov. 03, 2018	Nov. 02, 2019	Nov. 03, 2018
Income Statement [Abstract]
Net sales	$ 399,302	$ 347,100	$ 1,094,888	$ 1,060,623
Credit income	15,678	13,324	42,774	43,143
Total revenues	414,980	360,424	1,137,662	1,103,766
Cost of sales and related buying, occupancy and distribution expenses	315,494	278,665	888,297	847,213
Selling, general and administrative expenses	111,180	109,774	324,066	327,965
Interest expense	4,070	3,350	12,187	8,253
Loss before income tax	(15,764)	(31,365)	(86,888)	(79,665)
Income tax expense (benefit)	150	(12)	450	288
Net loss	(15,914)	(31,353)	(87,338)	(79,953)
Other comprehensive income (loss):
Amortization of employee benefit related costs, net of tax of $0, respectively	186	85	558	439
Pension settlement charges, net of tax of $0, respectively	270	411	270	411
Employee benefit related adjustment, net of tax of $0, respectively	(1,537)	(1,404)	(1,537)	(1,404)
Total other comprehensive loss	(1,081)	(908)	(709)	(554)
Comprehensive loss	$ (16,995)	$ (32,261)	$ (88,047)	$ (80,507)
Net loss per share:
Basic loss per share	$ (0.55)	$ (1.11)	$ (3.04)	$ (2.85)
Diluted loss per share	$ (0.55)	$ (1.11)	$ (3.04)	$ (2.85)
Weighted average shares outstanding:
Basic weighted average shares outstanding	28,886	28,261	28,706	28,059
Diluted weighted average shares outstanding	28,886	28,261	28,706	28,059

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Nov. 02, 2019	Nov. 03, 2018
Cash flows from operating activities:
Net loss	$ (87,338)	$ (79,953)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization of long-lived assets	45,144	44,135
Impairment of long-lived assets	11,295	1,070
Gain on retirements of property, equipment and leasehold improvements	(302)	(505)
Non-cash operating lease expense	52,617
Stock-based compensation expense	2,276	3,854
Dividends on forfeited stock awards charged to compensation expense	21
Amortization of debt issuance costs	512	248
Deferred compensation obligation	865	229
Amortization of employee benefit related costs and pension settlement charges	828	850
Construction allowances from landlords	4,833	757
Other changes in operating assets and liabilities:
Increase in merchandise inventories	(156,940)	(163,906)
Decrease in other assets	15,111	4,910
Decrease in operating lease liabilities	(56,234)
Increase in accounts payable and other liabilities	90,402	51,394
Net cash used in operating activities	(76,910)	(136,917)
Cash flows from investing activities:
Additions to property, equipment and leasehold improvements	(25,145)	(21,793)
Proceeds from insurance and disposal of assets	2,887	2,349
Net cash used in investing activities	(22,258)	(19,444)
Cash flows from financing activities:
Proceeds from revolving credit facility borrowings	419,397	481,384
Payments of revolving credit facility borrowings	(305,818)	(338,100)
Proceeds from long-term debt obligation		25,000
Payments of long-term debt obligations	(3,008)	(2,224)
Payments of debt issuance costs	(36)	(358)
Payments for stock related compensation	(929)	(424)
Cash dividends paid		(4,342)
Net cash provided by financing activities	109,606	160,936
Net increase in cash and cash equivalents	10,438	4,575
Cash and cash equivalents:
Beginning of period	15,830	21,250
End of period	26,268	25,825
Supplemental disclosures including non-cash investing and financing activities:
Interest paid	11,652	8,097
Income taxes paid (refunded)	417	(11)
Unpaid liabilities for capital expenditures	$ 3,255	$ 3,624

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Nov. 02, 2019	Feb. 02, 2019	Nov. 03, 2018
ASSETS
Cash and cash equivalents	$ 26,268	$ 15,830	$ 25,825
Merchandise inventories, net	581,495	424,555	602,283
Prepaid expenses and other current assets	43,754	52,518	47,181
Total current assets	651,517	492,903	675,289
Property, equipment and leasehold improvements, net	181,716	224,803	229,942
Operating lease assets	319,036
Intangible assets	1,900	2,225	17,135
Other non-current assets, net	19,544	24,230	23,152
Total assets	1,173,713	744,161	945,518
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	176,304	106,825	190,070
Current portion of debt obligations	5,000	4,812	3,555
Current portion of operating lease liabilities	75,709
Accrued expenses and other current liabilities	86,767	65,715	80,320
Total current liabilities	343,780	177,352	273,945
Long-term debt obligations	360,123	250,294	345,840
Long-term operating lease liabilities	275,604
Other long-term liabilities	30,703	61,990	62,809
Total liabilities	1,010,210	489,636	682,594
Commitments and contingencies
Common stock, par value $0.01, 100,000 shares authorized, 34,076, 33,469 and 33,458 shares issued, respectively	341	335	335
Additional paid-in capital	426,606	423,535	422,539
Treasury stock, at cost, 5,175 shares, respectively	(44,444)	(43,579)	(43,527)
Accumulated other comprehensive loss	(6,566)	(5,857)	(5,731)
Accumulated deficit	(212,434)	(119,909)	(110,692)
Total stockholders' equity	163,503	254,525	262,924
Total liabilities and stockholders' equity	$ 1,173,713	$ 744,161	$ 945,518