Stein Mart, Inc. announced total sales for the four-week April period were $108.4 million, a 3.0% percent decrease from the $111.8 million in sales for the same period in 2002. Comparable store sales for April decreased 3.8 percent from 2002 to 2003.
Merchandise categories with the better comparable store sales performances during April were Intimate Apparel, Children’s, and Men’s Clothing & Furnishings. Geographically, sales trends were strongest in California and the Southeast.
Total sales for the first quarter of the fiscal year were $330.6 million, a 7.1 percent decrease from the $356.0 million in sales for the same period in 2002. Comparable store sales for the first quarter decreased 9.3 percent from 2002 to 2003.
“We are disappointed that pre-Easter selling during the month was not strong enough to offset the poor retail selling environment, which remains extremely challenging,” noted Michael D. Fisher, president and chief executive officer of Stein Mart.
With reduced sales requiring increased markdowns to keep inventory clean and current, management now anticipates first quarter 2003 earnings to be $0.03 to $0.04 per share.
