Stein Mart, Inc. (SMRT) reported comparable store sales for the four-week period ended Nov. 24, 2012 increased 7.1 percent. Total sales for the period were $109.8 million, an increase of 7.5 percent from $102.1 million in the same period in 2011.
Stein Mart, Inc. also announced that its board of directors has declared a special dividend of $1.00 per common share. The dividend is payable on Dec. 24, 2012 to shareholders of record as of Dec. 10, 2012 and is expected to total approximately $44 million.
| Percent Change | |||||
| Total Sales (in millions) | Total Sales | Comparable Store Sales | |||
| Fiscal period | 2012 | 2011 | 2012 | 2012 | 2011 |
| November (4 weeks) | $109.8 | $102.1 | 7.5% | 7.1% | -4.6% |
| Year-to-date (43 weeks) | $958.5 | $934.3 | 2.6% | 2.0% | -1.2% |
All merchandise categories posted positive comps for the month with linens, men's furnishings and ladies' career sportswear performing the best and ladies' casual sportswear, ladies' accessories and dresses performing lower than the chain.
Geographically, sales increased in every state except New Jersey, with the Gulf States and the Southeast performing better than the chain and the West slightly lower.
“Our goal was to generate positive comp sales during the holiday selling season and we are off to a terrific start. The results were clearly a culmination of great merchandise, great marketing and proper execution at all levels,” said Jay Stein, Interim chief executive officer. “The special dividend reflects our continued generation of strong cash flows and provides a way to return value to our shareholders. After payment of the dividend, the Company will continue its strong financial position that is more than adequate to meet our capital needs for the foreseeable future.”
The company operated 263 stores at the end of November this year and last year. One new store was opened in Tucson, Arizona this month and no stores were closed.
