Stein Mart, Inc. posted a 24.8% increase in sales for fiscal January to $100.1 million from $80.2 million reported for the fiscal month last year. The fifth week of the month added $19.7 million in sales. Comparable store sales for the four weeks ended January 27, 2007 declined 1.9% from the four weeks ended January 28, 2006.
For the 14 weeks ended February 3, 2007, sales increased 7.9% to $461.0 million from $427.4 million for the 13 weeks ended January 28, 2006. Comparable store sales for the 13 weeks ended January 27, 2007 increased 0.9% from the 13 weeks ended January 28, 2006.
For the 53 weeks ended February 3, 2007, sales totaled $1.50 billion, a 1.3% increase from the $1.49 billion in sales for the 52 weeks ended January 28, 2006. Comparable store sales for the 52 weeks ended January 27, 2007 declined 1.2% from the 52 weeks ended January 28, 2006.
During January, Boutique, ladies' casual sportswear, and men's dress clothing and furnishings had positive comparable store sales, and sales trends were also strong in the recently expanded categories of special sizes and intimate apparel. Geographically, stores in the West and mid-Atlantic regions performed best, with the Midwest and Texas severely impacted by winter storms.
“We continue to aggressively clear our fall and holiday merchandise through our Red Dot clearance program to ensure that clearance inventories are appropriate at the end of the season,” noted Michael D. Fisher, president and chief executive officer of Stein Mart, Inc. “Meanwhile, our transition assortment has been gaining favor in those markets where weather has been supportive of spring selling.”
Guidance
Despite flattish comparable store sales for the fourth quarter, the company's gross margin performance during the period was better than previously expected. Management now believes that net income from fourth quarter operations will slightly exceed the previous guidance of 38 cents – 40 cents per share. Full financial results for the fourth quarter and fiscal year 2006 will be reported before the U.S. financial markets open on Wednesday, March 21, 2007.
New General Merchandising Manager named
Julie Thomas Dinklage has been named General Merchandising Manager (GMM) for Stein Mart's Home Division, which includes Gifts and Linens. Ms. Dinklage spent more than 13 years as a buyer and divisional merchandising manager for Stein Mart in the Home Division before moving away from the Jacksonville area several years ago. In the interim, she worked with Decorize, Inc., a Missouri-based firm dealing with direct importing. Ms. Dinklage will report to William A. Moll, executive vice president and chief merchandising officer.
DSW Transition Complete
During January, Stein Mart successfully completed the conversion of the remaining 104 shoe departments to DSW Shoes from its previous lessee, 9West. All Stein Mart stores now offer the comprehensive DSW footwear assortment, and all stores are able to process shoe purchases at the front registers along with any other apparel or home merchandise.
