UPDATE: Stage Stores Posts Q1 Loss, Lowers 2011 Projections

Stage Stores Inc SSI swung to a first-quarter loss from a year-earlier profit. Stage Stores posted a quarterly loss of $461,000, or $0.01 per share, versus a profit of $2.2 million, or $0.06 per share, in the year-earlier period. Its net sales increased 1.9% to $346,483 from $340,042. However, analysts were expecting a loss of $0.01 per share on sales of $348.14 million. Stage Stores expects an increase of between 1% and 3% in comparable store sales for the second quarter, and a rise of between 0.8% and 2.4% for 2011. It now projects earnings of $1.04 to $1.13 per share, versus its earlier guidance of $1.07 to $1.17. Stage Stores shares gained 3.07% to close at $17.12 yesterday. Read more from Benzinga's Company news.