Stein Mart, Inc. reported comparable store sales for the four-week period ended April 28 decreased 1.6 percent. Total sales for the period were $95.2 million, a decrease of 0.9 percent from $96.0 million in the same period in 2011. For the first quarter, comparable store sales decreased 0.4 percent and total sales decreased 0.1 percent.



 

 







































 Total Sales (in millions) Total Sales Comparable Store Sales
Fiscal period 2012 2011 2012 2012 2011
April (4 weeks) $95.2 $96.0 -0.9% -1.6% 4.2%
March-April (9 weeks) $222.7 $223.1 -0.2% -0.8% -0.6%
First Quarter (13 weeks) $303.4 $303.5 -0.1% -0.4% 1.5%

 

For March and April combined, linens, ladies boutique, petites and men's furnishings posted the strongest comparable sales, while ladies plus size sportswear, gifts, dresses and intimate apparel posted weaker results. Geographically, sales for the nine-week period ended April 28, 2012 were strongest in the Midwest and the Northeast, while sales were weaker in the Southeast and Florida.
 
“During the fourth quarter last year, we began implementing a new pricing strategy, including reducing coupons and selectively lowering prices on certain key merchandise, getting us back to our historical value model,” said Jay Stein, interim CEO. “We are pleased with our first quarter sales results and our ability to offset a 43 percent decrease in sales associated with regular-price coupons.”
 
During April, the Company closed one store located in Solon, Ohio (Cleveland). There were 263 stores operated at the end of April compared to 262 at the same time last year.