Stein Mart, Inc. reported comparable store sales for the five-week period ended April 2, 2011 decreased 3.9%. Total sales for the period were $127.1 million, a decrease of 4.9% from $133.6 million in the same period in 2010.
As a result of the Easter holiday occurring three weeks later this year than in 2010, March sales were negatively impacted as a portion of pre-Easter selling was postponed until the month of April. Due to the calendar shift, the best comparison will be the sales performance for the combined March and April periods. March sales performance was consistent with the Company’s expectations.
Percent Change | ||||||||||||||||||
Total Sales (in millions) | Total Sales | Comparable Store Sales | ||||||||||||||||
Fiscal period | 2011 | 2010 | 2011 | 2011 | 2010 | |||||||||||||
| March (5 weeks) | $ | 127.1 | $133.6 | -4.9% | -3.9% | 1.0% | ||||||||||||
| Quarter-to-date (9 weeks) | $ | 207.5 | $208.1 | -0.3% | 0.3% | -3.0% | ||||||||||||
Men’s sportswear, intimate apparel and the home category posted the strongest comparable sales, while ladies’ special sizes, career sportswear and men’s furnishings posted weaker results. Geographically, March sales were strongest in Florida and the Western States, while the Gulf Coast and the Midwest experienced weaker trends.
The company operated 263 stores at the end of March compared to 267 at the same time last year. No new stores were opened and one store located in Phoenix, AZ was closed during the month.
