Stein Mart, Inc. Reports Comparable Store Sales Increase of 5.4% for October
and 4.8% for the Third Quarter
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.
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.
Additional information about Stein Mart, Inc. can be found at
CONTACT: Linda L. Tasseff
Director, Investor Relations
Stein Mart, Inc. Logo
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