Stein Mart announced total August sales of $98.1 million compared to $91.6 million last year, an increase of 7.1%. Comparable store sales in August increased 5.3%.
Total Sales Percent Change
Fiscal Period: Total Comparable
2005 2004 Sales Store Sales
August (4 weeks) $98.1 $91.6 7.1% 5.3%
Year to date (30 weeks) $815.8 $776.8 5.0% 3.4%
Ladies' career and casual sportswear, intimate apparel, ladies' accessories and men's furnishings led the Company in comparable store sales increases. Geographically, comparable store sales were positive in all regions, and strongest in Florida, Texas and the west/southwest.
The Company operated 260 stores on August 27, 2005, as compared to 258 stores at the same time last year.
Hurricane Katrina Update
Hurricane Katrina's impact on the Company's Florida stores was minimal as it passed east to west on August 25-27, 2005. A total of 13 stores on both coasts closed early ahead of the storm, and all affected Florida stores on both coasts were open regular hours the next day.
Starting on Sunday, August 28, Stein Mart stores along the Gulf Coast of Louisiana, Mississippi, Alabama and Florida began closing in preparation for the storm, with a total of 18 stores closed or closing early as Hurricane Katrina moved ashore Monday. As of this morning, September 1, 2005, seven stores remain closed, including four stores in New Orleans, LA, one store each in Biloxi and Hattiesburg, MS, and one store in Mobile, AL.
The status of some of the still-closed stores is unknown because they are inaccessible; in other instances, the stores themselves appear to be intact but because of a lack of electricity and other issues related to access, they remain closed. Stein Mart's loss of merchandise, interruption of business and restocking costs for damaged stores will be substantially covered by insurance.
