Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,424.85 162.29 1.00%
S&P 500 1,862.31 19.33 1.05%
NASDAQ 4,086.22 52.06 1.29%
Ticker Volume Price Price Delta
STOXX 50 3,125.79 -13.47 -0.43%
FTSE 100 6,579.58 -4.59 -0.07%
DAX 9,299.84 -17.98 -0.19%
Ticker Volume Price Price Delta
NIKKEI 14,417.53 -0.15 -0.00%
TOPIX 1,166.59 0.04 0.00%
HANG SENG 22,760.24 64.23 0.28%

Stein Mart, Inc. Reports January 2013 Sales



Stein Mart, Inc. Reports January 2013 Sales

JACKSONVILLE, Fla., Feb. 7, 2013 (GLOBE NEWSWIRE) -- Stein Mart, Inc.
(Nasdaq:SMRT) today reported sales for the five weeks of January. The January
period includes an extra week in fiscal 2012, creating a 53-week fiscal year
that occurs approximately every six years in the accounting cycle for most
retail companies.

Total sales for the five-week period ended February 2, 2013 were $78.9
million, an increase of 31.3 percent over total sales of $60.1 million for the
four-week period ended January 28, 2012. Total sales for the extra 53^rd week
were approximately $15.8 million. Comparable store sales for the four-week
period ended January 26, 2013 increased 4.6 percent over the four-week period
ended January 28, 2012.

Linens and men's furnishings posted the strongest sales for the month, while
ladies' accessories, ladies' special sizes and ladies' casual sportswear were
more challenged. Geographically, January sales were strongest in the Midwest
and Texas, while North Carolina, Tennessee and California were weaker.
Unfavorable weather, primarily in certain Eastern states and California,
impacted more than one-quarter of the chain during the fourth week of the
month.

For the 14-week period ended February 2, 2013, total sales were $365.2
million, an increase of 11.3 percent over total sales of $328.2 million for
the 13-week period ended January 28, 2012. Comparable store sales for the
13-week period ended January 26, 2013 increased 6.0 percent over the 13-week
period ended January 28, 2012.

Total sales for the 53-week period ended February 2, 2013 were $1.214 billion,
an increase of 4.6 percent over total sales of $1.160 billion for the 52-week
period ended January 28, 2012. Comparable store sales for the 52-week period
ended January 26, 2013 increased 2.7 percent over the 52-week period ended
January 28, 2012.

The table below shows total sales for each period ending February 2, 2013
compared to January 28, 2012, while comparable store sales measures each
period ending January 26, 2013 against the respective period ending January
28, 2012, excluding the extra 53^rd week of fiscal 2012.

                                         Percent Change
               Total Sales (in millions) Total Sales Comparable Store Sales
Fiscal period  2012         2011         2012        2012       2011
January        $78.9        $60.1        31.3%       4.6%       -3.9%
Fourth Quarter $365.2       $328.2       11.3%       6.0%       -2.2%
Fiscal Year    $1,213.9     $1,160.4     4.6%        2.7%       -1.1%

Year-end inventories are higher than last year, as planned, due to an
additional week of receipts from the shift of the 53^rd week into fiscal 2012,
as well as more fall merchandise which was cleared too quickly last year
through earlier and higher markdowns.

"I am pleased with our sales performance in January as well as in fiscal 2012
and look forward to continuing this trend in 2013," said Jay Stein, Interim
Chief Executive Officer. "As a reminder, we are eliminating our February
12-hour event, replacing it with a much smaller one-day event that has less
advertising expense and higher margins. For fiscal 2013 we are planning a
total of seven 12-hour events down from eight in 2012 and nine in 2011." 

The Company operated 263 stores at the end of January this year and last year.

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. 

The Stein Mart, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=9827

SMRT-S

        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

Stein Mart, Inc. Logo
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement