Stein Mart, Inc. announced total sales and comparable store sales for the fiscal period(s) ended January 29, 2005, as follows (dollars in millions):
Total Sales Percent Change
Fiscal Period: Total Comparable
2004 2003 Sales Store Sales
January 05 (4 weeks) $80.6 $71.5 12.9% 13.1%
Fourth quarter
(13 weeks) $444.9 $411.6 8.1% 8.0%
Fiscal year
(52 weeks) $1,460.5 $1,361.6 7.3% 9.1%
Ladies and men’s sportswear and ladies accessories were the best performing categories of merchandise. Geographically, all regions of the country had double-digit positive comparable store sales, with the strongest increases in the East, Mid-Atlantic and South Florida.
“Positive customer reaction to our transition and early spring assortments, combined with a successful liquidation of fall season inventories, produced a strong January,” commented Michael D. Fisher, president and chief executive officer of Stein Mart, Inc. “Our inventory levels continue to be well controlled, and we are particularly pleased with the proportion of new receipts as compared to seasonal clearance in the overall merchandise mix.”
Stein Mart opened seven new stores, relocated two others and closed seven locations during fiscal 2004. The Company operated 261 stores on January 29, 2005 as compared to 261 stores at the same time last year.
Management expects comparable store sales to increase 3-4% for the first quarter of 2005, with positive comparable store sales in each of the three months, and slightly more opportunity in February than March or April. If those comparable store sales increases are realized, earnings of 33-35 cents per share could be expected. For the first quarter of 2004, Stein Mart had a comparable store sales increase of 11.8% and earnings of 27 cents per share.
Fifteen new stores are expected to open in 2005, including one new store (Orlando) that will open in the first quarter. At this time, one relocation is planned. Five stores are currently slated for closure in 2005; they should all close by the end of the first quarter.
