Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Stage Stores Shifts Some Scenery

When I wrote in late January that I thought Stage Stores (NYSE:SSI) was an undervalued retailer about which the Street was too bearish, I didn't expect such a quick change in sentiment. The core retailing environment has not gotten all that much better in the intervening time, but the Street was very glad to hear that the company is moving on from the Steele's off-price format. Stage Stores management hasn't revealed the terms of the deal, but I believe the combination of weaker near-term results and less capital needed to support the growth of Steele's do improve the fair value a bit since late January.

A Tough Quarter

The best thing about Stage Stores' fourth quarter is that...

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