UPDATE – Stein Mart, Inc. Reports January and Fourth Quarter Sales
Year-To-Date Total Sales Increased 3.2% and Comparable Store Sales Increased 1.0%
Fourth Quarter Total Sales Increased 1.9% and Comparable Store Sales Decreased 1.1%
JACKSONVILLE, Fla., Feb. 04, 2016 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (NASDAQ: SMRT) announced today sales for the four weeks of January and fourth quarter ended January 30, 2016.
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Geographically, Texas and Florida had the strongest sales in January. For the fourth quarter, home and ladies' apparel had the strongest sales and accessories sales, particularly cold weather items, were weaker. The Company operated 278 stores at the end of January this year compared to 270 stores last year.
"January comparable store sales were flat through the middle of the third week of the month, but then dropped for several days due to a winter storm that impacted the East and Mid-Atlantic areas," said Jay Stein, Chief Executive Officer. "We are glad to have fall, with its unseasonable weather, behind us and are looking forward to showcasing our new spring merchandise to our customers."
Discontinuing Monthly Sales Reporting
As previously announced, beginning in 2016 we will no longer report monthly sales. Quarterly sales will be reported in our quarterly earnings release.
Fourth Quarter 2015 Financial Results
Financial results for the fourth quarter 2015 will be reported prior to the opening of the U.S. financial markets on Thursday, March 10, 2016. Management will also hold a conference call at 10:00 a.m. ET that morning to discuss those results. The call may be heard on the Company's investor relations website at http://ir.steinmart.com. A replay of the call will be available on the website through March 31, 2016.
About Stein Mart
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 278 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. For more information, please visit www.steinmart.com.
Additional information about Stein Mart, Inc. can be found at www.steinmart.com