Stein Mart Celebrates Much Anticipated New Commack Store Sales and Previews September
JACKSONVILLE, Fla., Oct. 2, 2015 (GLOBE NEWSWIRE) -- Stein Mart (NASDAQ: SMRT) announces that grand opening week sales of its new Commack, NY store that opened on September 24 were one of the best in the last decade. Stein Mart has identified Long Island as a key market and part of its Northeast strategy to drive store growth. The Commack store is Stein Mart's much anticipated first in Long Island and one of nine new stores that the company is set to open this fall.
While the Company is delighted with its Commack grand opening results, overall sales in September have been somewhat sluggish, impacted by one less week of post-Labor Day fall fashion selling, a shift of promotional events and unseasonably warm weather. The move of Labor Day to a week later in September this year resulted in several events being pushed back one week and a shoe and accessories event being moved from September to October. As a result, the Company expects September (five-week period ending October 3, 2015) comparable store sales will be negative low single digits compared to a strong 4.9 percent increase last year.
"We feel the warmer weather and shift in our promotional calendar has impacted sales this month," said Jay Stein, CEO of Stein Mart. "We clearly have the right merchandise in place to have a successful fall season once cooler weather arrives."
About Stein Mart, Inc.
Stein Mart stores offer the fashion merchandise, service and presentation of a better department or specialty store, at prices competitive with off-price retail chains. With over 270 locations from California to Massachusetts, as well as steinmart.com, Stein Mart's focused assortment of merchandise features current season, moderate to better fashion apparel for women and men, as well as accessories, shoes and home fashions.