Stein Mart, Inc. Reports October 2012 Sales
JACKSONVILLE, Fla., Nov. 1, 2012 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (Nasdaq: SMRT) today reported comparable store sales increased 1.7 percent for the four-week period ended October 27, 2012. Total sales for the period were $87.2 million, an increase of 1.7 percent from the same period in 2011. For the third quarter, comparable store sales increased 3.1 percent and total sales increased 4.0 percent to $268.9 million. For the year to date, comparable store sales increased 1.3 percent and total sales increased 2.0 percent to $848.7 million.
|Total Sales (in millions)||Total Sales||Comparable Store Sales|
|October (4 weeks)||$87.2||$85.7||1.7%||1.7%||0.1%|
|Third Quarter (13 weeks)||$268.9||$258.5||4.0%||3.1%||-2.9%|
|Year to date (39 weeks)||$848.7||$832.2||2.0%||1.3%||-0.7%|
Linens, ladies' boutique, ladies' career sportswear and men's posted the strongest sales for the month, while ladies' casual sportswear, ladies' accessories, dresses and gifts were more challenging. Geographically, October sales were strongest in the Midwest, Northeast and Texas, while the Southeast and Florida were weaker.
"While we are pleased with our continued positive comparable store sales, we were disappointed that the robust comps we experienced during most of the month were diminished by sales being lower than planned during our significant 12-hour sales event. As previously stated, 12-hour sales are very costly because of their lower gross margin and higher store operating and advertising expenses. We continue to work towards downsizing their importance relative to our every-day regular price selling," said Jay Stein, Interim Chief Executive Officer. "Our goal remains to generate positive comp sales throughout the remaining holiday season, despite going up against a prior year which includes a higher amount of couponing."
The Company operated 262 stores at the end of October compared to 262 at the same time last year. Two stores were opened and two stores were closed this month. The new stores are in Charlottesville, VA and Katy, TX (Houston). The store closings were in Coral Springs, FL (Miami/Fort Lauderdale) and Albany, GA. We also relocated a store in San Dimas, CA (Los Angeles) to an improved site.
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. Currently with locations from California to Massachusetts, 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.
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Additional information about Stein Mart, Inc. can be found at www.steinmart.com