UPDATE: Stage Stores Posts Downbeat Q2 Profit, Lowers Full-Year Outlook

Stage Stores (NYSE: SSI) reported an 18% drop in its fiscal second-quarter profit and lowered its forecast for the full year.Stage Stores lowered its same-store sales growth view to 0.6% to 1.6%, versus its earlier forecast of 2% to 4%. It also cut its adjusted full-year earnings outlook to a range of $1.30 to $1.40 per share, and slashed its revenue forecast to $1.67 billion to $1.69 billion from its previous forecast of $1.7 billion to $1.73 billion. Stage Stores posted its quarterly profit of $9.6 million, or $0.29 per share, from a year-earlier profit of $11.7 million, or $0.37 per share. Excluding one-time items, it earned $0.41 per share. Its revenue climbed 3.6% to $395.3 million. However, analysts were expecting a profit of $0.46 per share on revenue of $382 million. Its same-store sales climbed 1.7%.Stage Stores shares closed at $21.29 yesterday.