Stein Mart, Inc. reported a 7.3% increase in sales for the month of February, but comparable store sales decreased 1.9% for the month. Sales totaled $104.3 million, up from $97.2 last year.
Total Sales (in millions) Percent Change Total Comparable 2007 2006 Sales Store Sales February (4 weeks) $104.3 $ 97.2 7.3% (1.9)%
During February, Boutique, gifts, ladies' casual sportswear and men's dress clothing had the strongest performances, and the recently expanded categories of special sizes and intimate apparel continued their recent gains. Geographically, stores in the mid-Atlantic region and California performed best, with the midsection of the country impacted by severe winter storms.
“Our red dot clearance continued during February, and our business temporarily strengthened around revamped clearance advertising as well as our Home circular,” noted Michael D. Fisher, president and chief executive officer of Stein Mart, Inc. “However, repeated winter storms hampered traffic in a majority of our markets, and was not conducive to selling spring merchandise.”
The company opened one store and relocated one store during February. On March 3, 2007, there were 269 Stein Mart locations, compared to 261 stores at the same time last year.