Stein Mart, Inc. reported comparable-store sales fell 4.9% in October. Total sales in the month were down 7.8% to $92.2 million from $100 million.
In the third quarter, comps declined 6.2%. Total sales were off 9.6% to $270.2 million from $298.8 million. In the 39 weeks, comps gave back 6.3% while total sales declined 8.9% to $877.3 million from $962.6 million.
During October, ladies' casual sportswear, Boutique and costume jewelry produced positive comparisons, while the most difficult businesses were ladies' career sportswear and gifts. Stores in the West had positive comparable store sales, while those along the Gulf Coast continued to under perform.
One new store opened and two existing stores closed in October, completing the store opening/closing activity for the year. There were 267 stores in operation at October 31, 2009 as compared to 279 at the same time last year.
“Although comparable sales improved somewhat through the quarter, the lower level of clearance merchandise was a significant factor in our reduced sales,” commented David H. Stovall, Jr., president and chief executive officer of Stein Mart, Inc. “However, keeping our merchandise fresher and inventories lower, combined with our reduced expense structure, should continue to benefit our operating margins.”
