Stein Mart, Inc. reported a total sales increase of 13.1% for the fiscal month of March to $162.5 million. Comparable store sales increased 8.0% for the five-week period ended April 7, 2007 compared to the same five-week, year-ago period ending April 8, 2006.
Total Sales (in millions) Percent Change
Total Comparable
2007 2006 Sales Store Sales
March (5 weeks) $162.5 $143.7 13.1% 8.0%
Year to date (9 weeks) $266.8 $240.9 10.8% 3.9%
During March, all ladies' and men's sportswear divisions performed above the Company trend. Ladies' accessories and gifts were also positive, while linens remained negative. Geographically, stores in the mid-Atlantic region and California out-performed the Company trend.
“Spring apparel sales are very dependent upon seasonal weather, and warmer temperatures during most of March, combined with an earlier Easter, resulted in strong, full-priced selling across almost every apparel category,” noted Michael D. Fisher, president and chief executive officer of Stein Mart, Inc. “We believe that as warmer weather returns, our customer will continue to respond favorably to our spring assortment and the clean, fresh state of our inventories.”
The company opened one store during March. On April 7, 2007, there were 270 Stein Mart locations, compared to 262 stores at the same time last year.
Guidance
Although March comparable store sales were somewhat better than originally projected, management remains cautious about comparable store sales in April due to the calendar shift of Easter sales into March this year, and because of continuing, cooler-than-normal weather in most of the country. Consequently, the company reiterates its earlier guidance of comparable stores sales increasing in the low, single-digits for the first quarter of 2007 which would produce earnings per share of 21 cents to 23 cents for the period.
