Stein Mart Oct. Comps Fall 12.5%

November 6, 2008
SGB Executive
by

Stein Mart, Inc. reported total sales and comparable store sales for the fiscal period(s) ended November 1, 2008. 










































































Total Sales (in millions) 
  
  
  
Percent Change 
Fiscal period 
  
  
2008 
  
2007 
  
  
  
Total 
Sales 
  
Comparable 
Store Sales 
October (4 weeks) 
 
 
 
 
$ 
100.0 
  
$ 
113.7 
  
  
  
(12.0 
)% 
  
(12.5 
)% 
Third Quarter (13 weeks) 
 
 
 
 
$ 
298.8 
 
 
$ 
333.3 
 
 
 
 
 
 
(10.4 
)% 
 
 
(12.6 
)% 
Year to date (39 weeks) 
 
 
 
 
$ 
962.6 
 
 
$ 
1,040.2 
 
 
 
 
 
 
(7.5 
)% 
 
 
(10.5 
)%

 

 

During October, ladies’ casual wear and dresses produced the best comparable store sales performance. The most challenging businesses in October were gifts, linens, and ladies’ career sportswear. Geographically, sales were somewhat better than trend through the mid-South and portions of the Southeast, while sales in Florida continue to be the most difficult for the Company.

At November 1, 2008, there were 280 stores in operation as compared to 276 at the same time last year.


Third quarter results


Full financial results for the third quarter ended November 1, 2008 will be reported before the U.S. financial markets open on Thursday, November 20, 2008. Management will also hold a conference call at 10 a.m. ET that morning to discuss those results. The call may be heard on the investor relations portion of the Company’s website at http://ir.steinmart.com. A replay of the presentation will be available on the website through November 28, 2008.


 

Stein Mart Oct. Comps Fall 12.5%

SGB Executive
by

Stein Mart, Inc. reported total sales for the four-week period ended Nov. 1, 2008 were $100 million, a 12% decrease from 113.7% million reported for the year-ago period. Same store sales for the clothing retailers were down 12.5%.


For the third quarter ended Nov. 1, Stein Mart reported total sales were $282.8 million, down $10.4% from $333.3 million for the year ago period.

Comps for the third quarter were down 12.6%.

 

Year to date sales for the retailer were $962.6 million, down 7.5% from $1.04 billion last year. Year to date comps were down 10.5%.

 

During October, ladies’ casual wear and dresses produced the best comparable store sales performance. The most challenging businesses in October were gifts, linens, and ladies’ career sportswear.

 

Geographically, sales were somewhat better than trend through the mid-South and portions of the Southeast, while sales in Florida continue to be the most difficult for the Company.

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