Stein Mart, Inc. announced total sales for the four-week May period were $108.2 million, a 4.0 percent decrease from the $112.6 million in sales for the same period in 2002. Comparable store sales for May decreased 6.5 percent from 2002 to 2003.
Merchandise categories with positive comparable store sales performances during May were Boutique, Intimate Apparel, and Ladies Sportswear. Geographically, sales trends were better in Southern California, South Florida, Atlanta, and the northern tier of stores in Ohio, Illinois and Indiana.
Total sales for the seventeen weeks of the fiscal year were $438.7 million, a 6.4 percent decrease from the $468.6 million in sales for the same period in 2002. Comparable store sales for the first seventeen weeks decreased 8.5 percent from 2002 to 2003.
“While sales momentum continues to be weak, we are concentrating on keeping our merchandise assortment fresh and inviting to the customer,” commented Michael D. Fisher, president and chief executive officer of Stein Mart. “The result is that inventory levels continue to be well controlled, and below last year’s levels.”
As noted last month, the Company anticipates same-store sales for the second quarter of 03 will be in the negative, mid-single-digit range, which would result in a loss for the quarter.
