Stein Mart, Inc. announced total sales and comparable store sales for the fiscal period(s) ended October 29, 2005, as follows (dollars in millions):
Total Sales Percent Change
Fiscal Period: Total Comparable
2005 2004 Sales Store Sales
October (4 weeks) $112.8 $110.1 2.4% 1.4%
Third Quarter (13 weeks) $336.5 $330.4 1.8% 0.4%
Year to date (35 weeks) $1,054.3 $1,015.6 3.8% 2.3%
The best performing categories were men's sportswear, ladies' career sportswear and ladies' accessories. Geographically, comparable store sales were positive in all regions except Florida, with the best results in the mid- South and West.
The Company operated 262 stores on October 29, 2005 as compared to 260 stores at the same time last year.
Hurricane Impact
Stein Mart continued to be adversely affected by the 2005 hurricane season in October. At the beginning of the month, five Louisiana/Mississippi locations were still closed and two more were operating with limited hours due to the effects of Hurricane Katrina in August and Hurricane Rita in September. By the time Hurricane Wilma approached Florida in the third week in October, only the two New Orleans stores remained closed from the earlier storm(s). In the last week of the month, Hurricane Wilma caused 12 Florida stores on both coasts to close for one or more days, and several stores were closed for much of the week due to a lack of power.
In total, management estimates 162 store-days were impacted by all closures in October, with a cost of $2.2 million in lost sales. As of yesterday, two stores in Florida and two in New Orleans remain closed.
