JACKSONVILLE, Fla., Feb. 5, 2009 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (Nasdaq:SMRT) today reported total sales and comparable store sales for the fiscal period(s) ended January 31, 2009.
Total Sales (in millions) Percent Change
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Comparable
Total Store
Fiscal period 2008 2007 Sales Sales
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January (4 weeks) $67.1 $81.0 (17.2)% (16.7)%
Fourth quarter (13 weeks) $363.9 $417.4 (12.8)% (12.0)%
Year (52 weeks) $1,326.5 $1,457.6 (9.0)% (10.9)%
During January, ladies' casual sportswear performed better than the Company trend, as did ladies' accessories, intimate apparel, social and dresses, and special sizes. The most difficult businesses were Boutique and gifts. In general, sales were better than trend in the Mid-South, and weakest in the weather-impacted Northern region.
"Business in January was extremely difficult, and underscores the economic challenges we and our customers began facing in 2008 and which we expect to continue in 2009," commented David H. Stovall, Jr., president and chief executive officer of Stein Mart, Inc. "To meet those challenges, we have been trimming inventories and cutting expenses to keep them aligned with more modest sales levels, and aggressively managing our cash flow. As a result, our net borrowings at the end of fiscal 2008 were in line with those at the end of last year, which provides us with ample liquidity going forward."
At January 31, 2009, there were 276 stores in operation as compared to 280 at the same time last year.
About Stein Mart
Stein Mart stores offer the fashion merchandise, service and presentation of a better department or specialty store, at prices up to 60 percent off department and specialty store prices, every day. 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, gifts, linens and shoes.
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Additional information about Stein Mart, Inc. can be found at www.steinmart.com