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JACKSONVILLE, Fla., Nov. 05, 2015 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Stein Mart, Inc. (NASDAQ: SMRT), please be advised that the Comp Sales year should be 2015, not 2014. The complete corrected text follows.
Year-To-Date Total Sales Increased 3.8% and Comparable Store Sales Increased 1.9%
Third Quarter Total Sales Decreased 1.0% and Comparable Store Sales Decreased 2.3%
Stein Mart, Inc. (NASDAQ: SMRT) announced today sales for the four weeks of October and third quarter ended October 31, 2015.
| Percent Change | ||||||||||||
| Total Sales (in millions) | Total Sales | Comp Sales | ||||||||||
| Fiscal period | 2015 | 2014 | 2015 | 2015 | ||||||||
| October | $ | 97.3 | $ | 97.8 | (0.5 | )% | (2.5 | )% | ||||
| Third Quarter | $ | 300.7 | $ | 303.7 | (1.0 | )% | (2.3 | )% | ||||
| Year-to-date | $ | 965.8 | $ | 930.7 | 3.8 | % | 1.9 | % |
Geographically, Florida and North Carolina had positive comparable store sales in October and were the strongest sales in the chain, while Texas and the West performed below the chain. For the third quarter, men's and home had the strongest sales, while ladies' apparel and accessories performed lower than the chain. All results were impacted by record high temperatures in most regions. The Company operated 274 stores at the end of October this year compared to 268 stores last year. During the month, three new stores were opened in Rancho Mirage, CA; Lady Lake, FL; and Paradise Valley, AZ.
"Unseasonably warm weather impacted traffic and our sales during the third quarter," said Jay Stein, Chief Executive Officer. "We continue to have a positive outlook on our important fourth quarter holiday sales which will include incremental sales from six new stores opened through the third quarter plus four more new stores opening in November."
Third Quarter 2015 Financial Results
Financial results for the third quarter 2015 will be reported prior to the opening of the U.S. financial markets on Thursday, November 19, 2015. 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 December 31, 2015.
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 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.
SMRT-S
Additional information about Stein Mart, Inc. can be found at www.steinmart.com
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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