Stein Mart, Inc. Reports Comparable Store Sales Increase of 5.4% for October and 4.8% for the Third Quarter

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JACKSONVILLE, Fla., Nov. 7, 2013 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (Nasdaq:SMRT) today reported that total sales for the four-week period ended November 2, 2013 increased 6.9 percent and comparable store sales increased 5.4 percent. For the third quarter ended November 2, 2013 total sales increased 6.1 percent and comparable store sales increased 4.8 percent.

The table below shows total sales for the period ended November 2, 2013 compared to the period ended October 27, 2012, while comparable store sales measures the period ended November 2, 2013 against the respective period ending November 3, 2012.

Percent Change
Total Sales (in millions) Total Sales Comparable Store Sales
Fiscal period 2013 2012 2013 2013 2012
October $95.0 $88.8 6.9% 5.4% 1.7%
Third Quarter $290.5 $273.7 6.1% 4.8% 3.1%
Year-to-date $902.8 $863.8 4.5% 4.0% 1.3%

Linens, dresses, ladies' career sportswear, women's and intimate apparel posted the strongest sales for the month, while ladies' accessories, men's furnishings, ladies' boutique, ladies' casual sportswear and petites were more challenged. Boutique sales performance was impacted by the shift of a boutique event from October last year to November this year. Geographically, October sales were strongest in the Southeast and New Jersey, while the Gulf States and most of the Midwest performed lower than the chain. October sales also benefited from our first full month of e-commerce.

"Our strong sales continued into October, driven by upgraded designer and national brands, great fashion-forward merchandise and value pricing," said Jay Stein, Chief Executive Officer. "I can assure you that we are working hard to maintain our momentum through the fourth quarter, despite the shortened holiday selling season and highly promotional environment we see around us."

The Company operated 264 stores at the end of October this year compared to 262 stores last year. One store was opened this month in Watchung, NJ and one store located in Anaheim, CA was relocated to an improved site.

Third Quarter 2013 Financial Results

Financial results for the third quarter ended November 2, 2013 will be reported prior to the opening of the U.S. financial markets on Thursday, November 21, 2013. Management will also hold a conference call at 10:00 a.m. EST that morning to discuss those results. The call may be heard on the investor relations portion of the Company's website at http://ir.steinmart.com. A replay of the call will be available on the website through December 31, 2013.

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.

CONTACT: Linda L. Tasseff Director, Investor Relations (904) 858-2639 ltasseff@steinmart.com

Source:Stein Mart, Inc.