Stein Mart, Inc. Reports July and Second Quarter Sales
JACKSONVILLE, Fla., Aug. 6, 2015 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (NASDAQ: SMRT) announced today sales for the four weeks of July and second quarter ended August 1, 2015.
|Total Sales (in millions)||Total Sales||Comp Sales|
|July||$ 76.6||$ 75.3||1.8%||0.2%|
|Second Quarter||$ 311.6||$ 298.1||4.5%||3.0%|
|Year-to-date||$ 665.1||$ 627.0||6.1%||4.0%|
July sales comparisons were unfavorably impacted by the shift of sales tax holidays from July to August in eight states for 102 stores, as well as higher liquidation sales in July 2014 for three stores that were relocated in last year's third quarter. Geographically, the Midwest and Southwest had the strongest sales, while the Northeast, Southeast (sales tax holiday shift) and California performed below the chain. For the second quarter, ladies' apparel had the strongest sales, led by dresses and ladies' boutique, while accessories performed lower than the chain. The Company operated 269 stores at the end of July this year compared to 265 stores last year.
"We are pleased with our second quarter sales results, despite the weaker July which was clearly not in line with our current trend," said Jay Stein, Chief Executive Officer.
Second Quarter 2015 Financial Results
Financial results for the second quarter 2015 will be reported prior to the opening of the U.S. financial markets on Thursday, August 20, 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 conference call will be available on the website through September 30, 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. Currently with 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.
Additional information about Stein Mart, Inc. can be found at www.steinmart.com.