JACKSONVILLE, Fla., Feb. 6, 2014 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (Nasdaq:SMRT) today reported sales for the four weeks of January.
Note that fiscal 2012 was a 53-week year which included an extra week in January 2013 with sales of approximately $15.8 million. The table below shows total sales for the four-week period ended February 1, 2014 compared to the five-week period ended February 2, 2013, while comparable store sales measures the four-week period ended February 1, 2014 against the four-week period ended February 2, 2013.
| Percent Change | ||||
| Total Sales (in millions) | Comparable Store Sales | |||
| Fiscal period | 2013 | 2012* | 2013 | |
| January | $64.4 | $78.9 | -0.7% | |
| Fourth Quarter | $359.9 | $368.6 | 3.1% | |
| Year | $1,262.7 | $1,232.4 | 3.7% | |
| *All 2012 periods include sales for the 53rd week of approximately $15.8 million. | ||||
Linens, ladies' boutique and gifts posted the strongest sales for the month, while jewelry, ladies' sportswear and men's performed lower than the chain. Geographically, January sales were strongest in Florida and the West, while most other areas experienced comparable sales declines due to winter storms combined with record cold weather.
"I am very pleased to report our seventh consecutive quarter of comparable store sales increases and an annual increase that is one percent better than our strong performance last year," said Jay Stein, Chief Executive Officer. "Our January sales were clearly impacted by the severe weather throughout most of the country. Factoring this out, our sales results for January were consistent with our performance through year-to-date December."
The Company operated 264 stores at the end of January this year compared to 263 stores last year.
Fourth Quarter and Fiscal 2013 Financial Results
Financial results for the fourth quarter and fiscal 2013 will be reported prior to the opening of the U.S. financial markets on Thursday, March 13, 2014. Management will also hold a conference call at 10:00 a.m. ET that morning to discuss those results. The call may be heard on the Company's investor relations website at http://ir.steinmart.com. A replay of the conference call will be available on the website through March 31, 2014.
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 over 260 locations from California to Massachusetts, as well as steinmart.com, 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