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JACKSONVILLE, Fla., Feb 03, 2005 /PRNewswire-FirstCall via COMTEX/ -- Stein Mart, Inc. (Nasdaq: SMRT) today announced total sales and comparable store sales for the fiscal period(s) ended January 29, 2005, as follows (dollars in millions):
Total Sales Percent Change
Fiscal Period: Total Comparable
2004 2003 Sales Store Sales
January '05 (4 weeks) $80.6 $71.5 12.9% 13.1%
Fourth quarter
(13 weeks) $444.9 $411.6 8.1% 8.0%
Fiscal year
(52 weeks) $1,460.5 $1,361.6 7.3% 9.1%Ladies' and men's sportswear and ladies' accessories were the best performing categories of merchandise. Geographically, all regions of the country had double-digit positive comparable store sales, with the strongest increases in the East, Mid-Atlantic and South Florida.
"Positive customer reaction to our transition and early spring assortments, combined with a successful liquidation of fall season inventories, produced a strong January," commented Michael D. Fisher, president and chief executive officer of Stein Mart, Inc. "Our inventory levels continue to be well controlled, and we are particularly pleased with the proportion of new receipts as compared to seasonal clearance in the overall merchandise mix."
Stein Mart opened seven new stores, relocated two others and closed seven locations during fiscal 2004. The Company operated 261 stores on January 29, 2005 as compared to 261 stores at the same time last year.
First quarter 2005
Management expects comparable store sales to increase 3-4 percent for the first quarter of 2005, with positive comparable store sales in each of the three months, and slightly more opportunity in February than March or April. If those comparable store sales increases are realized, earnings of $0.33-$0.35 per share could be expected. For the first quarter of 2004, Stein Mart had a comparable store sales increase of 11.8 percent and earnings of $0.27 per share.
Store network
Fifteen new stores are expected to open in 2005, including one new store (Orlando) that will open in the first quarter. At this time, one relocation is planned. Five stores are currently slated for closure in 2005; they should all close by the end of the first quarter.
Year-end news release date
Full financial results for the Company's fourth quarter and fiscal year ending January 29, 2005 will be released prior to the opening of the financial markets on Thursday, March 17, 2005. Also on March 17, a conference call with management to discuss fourth quarter results and the outlook for first quarter '05 will be held at 10:30 a.m. ET. Interested parties may listen to the call via a real-time web cast on http://www.steinmart.com , or hear a recorded version on Stein Mart's website until the end of the month.
About Stein Mart
Stein Mart stores offer the fashion merchandise, service and presentation of a better department or specialty store, at prices competitive with off- price retail chains. Currently with locations from California to New York, Stein Mart's focused assortment of merchandise features moderate to designer brand-name apparel for women, men and young children, as well as accessories, gifts, linens and shoes.
SAFE HARBOR STATEMENT>>>>>>>Except for historical information contained herein, the statements in this release may be forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company does not assume any obligation to update or revise any forward-looking statements even if experience or future changes make it clear that projected results expressed or implied will not be realized. Forward-looking statements involve known and unknown risks and uncertainties that may cause Stein Mart's actual results in future periods to differ materially from forecasted or expected results. Those risks include, without limitation, on-going competition from other retailers, availability of new store sites at acceptable lease terms, ability to successfully implement strategies to exit or improve under-performing stores, changing preferences in apparel, changes in consumer spending due to current events and/or general economic conditions, the effectiveness of new advertising, marketing and promotional strategies, adequate sources of merchandise at acceptable prices, the Company's ability to attract and retain qualified employees to support planned growth, and the other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission.
Additional information about Stein Mart, Inc. can be found at http://www.steinmart.com .
SOURCE Stein Mart, Inc.
Susan Datz Edelman, Director, Stockholder Relations of Stein Mart, Inc., +1-904-346-1506, or sedelman@steinmart.com