Stein Mart, Inc. reported total sales and comparable store sales for
the fiscal period(s) ended July 7, 2007. Overall company sales fell
4.9% in June to $127.4 million. Comparable store sales decreased 2.9%
for the month.
Total Sales (in millions) Percent Change
2007 2006 Sales Store Sales
June (5 weeks) $ 127.4 $ 133.9 (4.9)% (2.9)%
Quarter to date (9 weeks) $ 246.3 $ 253.5 (2.9)% (0.4)%
Year to date (22 weeks) $ 622.4 $ 618.3 0.7 % (1.4)%
During June, the best performances were once again from men's dress clothing and ladies' social occasion/dresses, as well as the recently expanded intimate apparel and special sizes categories. Geographically, sales were better than the Company trend in the Mid-Atlantic States up through the Ohio Valley, and were better than expected in Texas, despite major weather challenges. Sales from stores in Florida and along the Gulf Coast continue below expectations.
On July 7, 2007, there were 270 Stein Mart locations, compared to 261 stores at the same time last year.
“Customers continue to be very value-oriented, and we saw a positive response to increased promotional activity around the July 4th holiday,” commented Michael D. Fisher, president and chief executive officer of Stein Mart, Inc. “We are presently on track with our red dot clearance program to reach planned inventory levels by the end of the quarter; this should position us properly to begin the fall season.”
Based on current sales trends, management expects comparable store sales to be flat to slightly negative for the second quarter ending August 4, 2007. If that performance is attained, management would expect to achieve the lower end of the previously announced earnings guidance of $0.06 — $0.10 per share for the period.