JACKSONVILLE, Fla., Oct. 4, 2012 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (Nasdaq:SMRT) today reported comparable store sales increased 2.4 percent for the five-week period ended September 29, 2012. Total sales for the period were $102.7 million, an increase of 3.9 percent from the same period in 2011. For the year to date, comparable store sales increased 1.3 percent and total sales increased 2.0 percent to $761.5 million.
|Total Sales (in millions)||Total Sales||Comparable Store Sales|
|September (5 weeks)||$102.7||$98.9||3.9%||2.4%||-1.7%|
|Quarter to date (9 weeks)||$181.7||$172.8||5.1%||3.8%||-4.3%|
|Year to date (35 weeks)||$761.5||$746.5||2.0%||1.3%||-0.8%|
Linens and ladies' career sportswear posted the strongest sales for the month, while ladies' accessories, men's sportswear and ladies' boutique were weaker. Geographically, September sales were strongest in Texas and Florida, where we have our largest number of stores. Other states generally all had positive comparable sales, except where impacted by the hurricane.
"Early in the month, sales were impacted by hurricane Isaac resulting in a number of stores not being operational for a period of time. Despite this, we were able to deliver positive results this month," said Jay Stein, Interim Chief Executive Officer. "We began to reduce regular priced coupons in November of last year, but this was preceded by a high volume of coupons in October. Therefore, our challenge in October, and the remaining holiday selling season, will be to increase our sales against the prior year which includes the higher amount of couponing."
The Company operated 262 stores at the end of September compared to 261 at the same time last year. One store was opened and two stores were closed this month. The new store is in Surprise, AZ (Phoenix). The store closings were in Kansas City, MO and Rolling Hills, CA (Los Angeles). We also relocated stores in McAllen, TX and Biloxi, MS to improved sites.
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: For more information: Linda L. Tasseff Director, Investor Relations (904) 858-2639 firstname.lastname@example.org
Source:Stein Mart, Inc.