Stein Mart, Inc. announced total sales for the five-week period were $196.9 million, a 3.1 percent increase from the $190.9 million in sales for the same period in 2001. Comparable store sales for December decreased (-0.7) percent from the previous year.
Merchandise categories with the best comparable store sales performance during December were Ladies Accessories, Intimate Apparel and Men’s. Geographically, sales trends were strongest in California and Florida, with additional strength in Atlanta and northern Ohio/Pennsylvania/New York.
Total sales for the first 48 weeks of the fiscal year (year-to-date) were $1.341 billion, a 7.6 percent increase over the $1.246 billion in sales for the same period in 2001. Comparable store sales decreased (-0.1) percent from the same 48-week period of 2001.
“December sales were below our expectation for a two percent increase in comparable store sales, and combined November-December same stores sales decreased (-1.3) percent,” said Jack Williams, chief executive officer of Stein Mart. “With the significance of November/December sales and the prospect of flat sales in January, we now predict FY02 earnings of approximately $0.52 – $0.54 per share as compared to $0.37 per share in 2001.”
