Stein Mart, Inc. Reports February 2013 Sales
JACKSONVILLE, Fla., March 7, 2013 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (Nasdaq:SMRT) today reported sales and comparable store sales for the four-week period ended March 2, 2013. As a reminder, the extra 53rd week in fiscal 2012 created a timing shift for fiscal 2013, resulting in a one-week difference between our fiscal reporting and comparable store sales reporting periods.
The table below shows total sales for the period ended March 2, 2013 compared to the period ended February 25, 2012, while comparable store sales measures the period ended March 2, 2013 against the respective period ending March 3, 2012.
|Total Sales (in millions)||Total Sales||Comparable Store Sales|
|February (4 weeks)||$85.2||$80.7||5.6%||0.6%||0.7%|
Total sales for the four-week period ended March 2, 2013 were $85.2 million, an increase of 5.6 percent over total sales of $80.7 million for the four-week period ended February 25, 2012. Comparable store sales for the four-week period ended March 2, 2013 increased 0.6 percent over the four-week period ended March 3, 2012.
Linens, ladies' casual sportswear and men's sportswear posted the strongest sales for the month, while ladies' boutique, ladies' special sizes, dresses and ladies' accessories were more challenged. Geographically, February sales were strongest in Florida and the West, while several other areas, including the Mid-Atlantic, Midwest and Northeast, were weaker due to seasonably cold or severe weather.
"I am pleased with our February sales performance, given the unfavorable impact of weather on certain regions and the change in our 12-hour event," said Jay Stein, Interim Chief Executive Officer. "While sales were down early in the month due to our replacing the February 12-hour event with a much smaller promotion, they were good overall. As previously reported, fall inventory levels were planned up at year-end to better drive early first quarter selling."
The Company operated 263 stores at the end of February this year compared to 262 stores 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
Additional information about Stein Mart, Inc. can be found at www.steinmart.com
CONTACT: Linda L. Tasseff Director, Investor Relations (904) 858-2639 firstname.lastname@example.org