Stein Mart, Inc. announced net sales and comparable store sales for the fiscal period ended April 3, 2004, as follows (dollars in millions):
Total Sales Percent Change Fiscal Period: Total Comparable 2004 2003 Sales Store Sales March (5 weeks) $153.7 $131.1 17.2% 18.4% Year-to-date (9 weeks) $252.0 $222.1 13.4% 13.9%
Comparable store sales performances were strong across all apparel
divisions during March, and sales trends were double-digit positive in every
region of the country.
“The combination of an earlier Easter holiday, a strong appetite for our
spring fashion assortments, and the continuation of our aggressive, seasonal
liquidation strategy produced comparable store sales that substantially
exceeded our expectations,” commented Michael D. Fisher, president and chief
executive officer of Stein Mart, Inc. “We expect our comparable stores sales
momentum to moderate significantly in April due to an earlier Easter holiday
Management now estimates that comparable store sales will increase
approximately ten percent for the first quarter, which would produce earnings
of approximately $0.20 per share.
There were 260 stores in operation at the end of March, as compared to 269
stores at the same time last year.