Stein Mart Reports YTD November Comp Sales -1.2%
Stein Mart, Inc. (Nasdaq: SMRT) today reported comparable store sales for the four week period ended November 26, 2011 were down 4.6 percent. Total sales for the period were $102.1 million, a decrease of 5.1 percent from $107.6 million in November 2010.
Ladies' accessories and Men's furnishings performed better than Company trend in November, while Ladies' dresses and career sportswear as well as home décor experienced weaker trends. Geographically, November sales were better than Company trend in California and Texas, while sales were weaker in the Carolinas and the Midwest.
"We made progress in reducing our reliance on coupons this month, but not without some adverse impact to our sales," said Jay Stein, interim Chief Executive Officer of Stein Mart, Inc. "Our day-to-day business was satisfactory, however, we realized major shortfalls as we anniversaried our largest events. It is important for our long-term competitive position that we differentiate ourselves by re-establishing the value of our merchandise offering through everyday low prices."
