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JACKSONVILLE, Fla., May 4, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Stein Mart, Inc. (Nasdaq: SMRT) today announced total sales and comparable store sales for the fiscal period(s) ended April 29, 2006, as follows (dollars in millions):
Total Sales Percent Change
Total Comparable
Fiscal Period: 2006 2005 Sales Store Sales
April (4 weeks) $124.0 $121.7 1.8% 0.7%
First quarter
(13 weeks) $364.8 $380.7 (4.2)% (5.1)%
In April, the best performances came from men's and ladies' casual sportswear, and special size sportswear. The fashion areas of the new home assortment (furniture, seasonal, and top-of-bed) continued to gain strength. Geographically, sales were strongest in the mid-South, including Texas, and along the Gulf coast.
"We are pleased that our comparable store sales have turned positive and that customers are responding favorably to our seasonal apparel assortments," noted Michael D. Fisher, president and chief executive officer. "We anticipate that the positive momentum will continue in May even as we begin to exit from children's apparel and continue the re-positioning of our home business."
Two new stores opened and one closed in April, bringing the quarter-end store count to 263 as compared to 258 stores at the end of April 2005.
First Quarter Financial Results
Full financial results for the Company's first quarter ending April 29, 2006 will be released prior to the opening of the U.S. financial markets on Thursday, May 18, 2006. Management will discuss the results in a conference call with analysts and institutional investors to be held at 10:30 a.m. ET that morning. The call may be heard on the investor relations portion of Stein Mart's website http://ir.steinmart.com , and a recording of the call will remain on the 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 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, intense competition in the retail industry, ability to open new stores in a cost-effective and timely manner, consumer sensitivity to economic conditions, unanticipated changes in fashion trends and changing consumer preferences, lack of adequate sources of merchandise at acceptable prices, seasonality and the importance of the holiday selling season, effectiveness of advertising, marketing and promotional strategies, disruption in the distribution process, extreme or unseasonable weather conditions, ability to close under-performing stores in a cost-effective and timely manner, ability to adequately protect Company trademark(s), dependency on key personnel, 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 SMRT-S SOURCE Stein Mart, Inc.
Susan Datz Edelman, Director, Stockholder Relations, Stein Mart, Inc., +1-904-346-1506, or sedelman@steinmart.com
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