Stein Mart Oct. same-store sales sink 12.5 percent

JACKSONVILLE, Fla. - Discount department store chain Stein Mart Inc. on Thursday said its October same-store sales dropped 12.5 percent, more than Wall Street expected.

Analysts polled by Thomson Reuters, on average, forecast a decline of 10.8 percent.

Same-store sales, or sales at stores open at least a year, is an important gauge of retail health because it measures growth at existing outlets rather than from expansion.

Net sales for the four weeks ended Nov. 1 fell 12 percent to $100 million, from $113.7 million in the corresponding period a year ago.

Gifts, linens and ladies' career clothing were among the worst performing categories, the 280-store chain said, while ladies' casual clothing and dresses fared the best. Sales were somewhat better through the mid-South and portions of the Southeast, while Florida was the toughest spot for the company.

For the fiscal third quarter, same-store sales fell 12.6 percent, while net sales slid 10.4 percent to $298.8 million.

The company plans to report fiscal third-quarter results on Nov. 20.

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