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JACKSONVILLE, Fla., May 8, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Stein Mart, Inc. (Nasdaq: SMRT) today reported total sales and comparable store sales for the fiscal period(s) ended May 3, 2008.
Total Sales (in millions) Percent Change
Total Comparable
Fiscal period 2008 2007 Sales Store Sales
April (4 weeks) $117.4 $109.3 7.3% 3.2%
March-April (9 weeks) $256.0 $271.8 (5.8)% (8.9)%
First quarter (13 weeks) $352.1 $376.1 (6.4)% (9.3)%
During April, the best performing categories were ladies' casual, special sizes, accessories and men's. Geographically, comparable stores sales trends were positive in all regions of the country except for the Southeast, which was slightly negative. The best region was the North/Mid-Atlantic states.
"Our April sales benefited from a new promotional event in the month, the transfer of another event out of March into April, and an extra shopping day since Easter Sunday occurred in March this year," noted Linda M. Farthing, president and chief executive officer of Stein Mart, Inc. "Although these events provided a welcome boost, our daily sales remain challenging and have continued to trend substantially below last year's levels."
At May 3, 2008, there were 284 stores in operation as compared to 270 at the same time last year.
First quarter results
Full financial results for the first quarter ended May 3, 2008 will be reported before the U.S. financial markets open on Thursday, May 22, 2008. Management will also hold a conference call at 10 a.m. ET that morning to discuss those results. The call may be heard on the investor relations portion of the Company's website at http://ir.steinmart.com . A replay of the presentation will be available on the website until May 30, 2008.
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 current season, moderate to better fashion apparel for women and men, 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:
-- changes in consumer spending due to current events and/or general
economic conditions
-- the effectiveness of advertising, marketing and promotional strategies
-- on-going competition from other retailers
-- changing preferences in apparel
-- unanticipated weather conditions and unseasonable weather
-- adequate sources of merchandise at acceptable prices
-- availability of new store sites at acceptable lease terms
-- the Company's ability to attract and retain qualified employees to
support planned growth
-- ability to successfully implement strategies to exit or improve under-
performing stores
-- disruption of the Company's distribution system
-- acts of terrorism
and the other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission.
SMRT-S
Additional information about Stein Mart, Inc. can be found at
www.steinmart.com
SOURCE Stein Mart, Inc.
http://www.steinmart.com
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