Stein Mart, Inc. reported total sales for the four-week period ended Oct. 29, 2011 were $85.7 million. Comparable store sales for the period increased 0.1 percent and total sales increased 0.2 percent.
| Percent Change | |||||
Total Sales (in millions) |
Total Sales |
Comparable Store Sales |
|||
Fiscal period |
2011 |
2010 |
2011 |
2011 |
2010 |
October (4 weeks) |
$85.7 |
$85.5 |
0.2% |
0.1% |
-6.5% |
Third Quarter (13 weeks) |
$258.5 |
$267.8 |
-3.5% |
-2.9% |
0.3% |
Year to date (39 weeks) |
$832.2 |
$844.8 |
-1.5% |
-0.7% |
-2.0% |
Linens, men's furnishings and accessories had particularly strong sales for October while boutique, career sportswear and gifts were weaker. Geographically, October sales were better than Company trend in Arizona and Florida, while sales were weaker in the Midwest, Northeast and the Carolinas. The sales trend for the quarter improved from August, when they were significantly below expectations, to the slightly positive comparable store increase this month. The August shortfall, however, led to higher clearance levels which has impacted gross profit margin for the quarter.
The company operated 262 stores at the end of October compared to 263 at the same time last year. One store was opened in Columbia, S.C. in the Columbia Station Center. Two stores were relocated. These relocations were in the Dallas/Fort Worth market (new store in the Highlands of Flower Mound Center in Flower Mound) and Hattiesburg, Mississippi (new store in the Turtle Creek Mall). No stores were closed during the month.
