Stein Mart, Inc. announced total sales for the four-week February period were $91.0 million, a (-6.8) percent decrease from the $97.6 million in sales for the same period in 2002. Comparable store sales for February decreased (-10.0) percent from the previous year.
Merchandise categories with the better comparable store sales performance during February were Intimate Apparel, Ladies Accessories and Men’s Sportswear. Geographically, sales trends were strongest in California and Florida.
“February was well below our expectations, impacted by severe weather patterns in most of our markets, as well as continuing economic and geopolitical concerns,” noted Michael D. Fisher, president and chief executive officer of Stein Mart. “Our focus on tightly controlled inventory continues, with merchandise levels below last year, and we believe we are well positioned for spring when conditions improve.”
