Stein Mart, Inc. reported comparable store sales for the four-week period ended Jan. 26
increased 4.6 percent. Total sales for the five-week period ended Feb. 2 were $78.9
million, an increase of 31.3 percent over total sales of $60.1 million
for the four-week period ended Jan. 28, 2012.  The January period includes an extra week in fiscal 2012, creating a 53-week fiscal year that occurs approximately every six years in the accounting cycle for most retail companies.

Total sales for the extra 53rd week were approximately $15.8 million. Comparable store sales for the four-week period ended Jan. 26 increased 4.6 percent over the prior year comparable period.

Linens and men’s furnishings posted the strongest sales for the month, while ladies accessories, ladies special sizes and ladies casual sportswear were more challenged. Geographically, January sales were strongest in the Midwest and Texas, while North Carolina, Tennessee and California were weaker. Unfavorable weather, primarily in certain Eastern states and California, impacted more than one-quarter of the chain during the fourth week of the month.

The table below shows total sales for each period ending February 2, 2013 compared to January 28, 2012, while comparable store sales measures each period ending January 26, 2013 against the respective period ending January 28, 2012, excluding the extra 53rd week of fiscal 2012.

Percent Change

Total Sales (in millions)
Total Sales
Comparable Store Sales
Fiscal period
2012
2011
2012
2012
2011
January
$78.9
$60.1
31.3%
4.6%
-3.9%
Fourth Quarter
$365.2
$328.2
11.3%
6.0%
-2.2%
Fiscal Year
$1,213.9
$1,160.4
4.6%
2.7%
-1.1%

Year-end inventories are higher than last year, as planned, due to an additional week of receipts from the shift of the 53rd week into fiscal 2012, as well as more fall merchandise which was cleared too quickly last year through earlier and higher markdowns.

“I am pleased with our sales performance in January as well as in fiscal 2012 and look forward to continuing this trend in 2013,” said Jay Stein, interim CEO. “As a reminder, we are eliminating our February 12-hour event, replacing it with a much smaller one-day event that has less advertising expense and higher margins. For fiscal 2013 we are planning a total of seven 12-hour events down from eight in 2012 and nine in 2011.”

The company operated 263 stores at the end of January this year and last year.