JACKSONVILLE, Fla., July 6, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Stein Mart, Inc. (Nasdaq: SMRT) today announced total sales and comparable store sales for the fiscal period ended July 1, 2006, as follows (dollars in millions):
Total Sales Percent Change Total Comparable Fiscal Period: 2006 2005 Sales Store Sales June (5 weeks) $133.9 $131.7 1.7% 0.9% Year to date (22 weeks) $618.3 $630.2 (1.9)% (2.7)%
In June, the best performances came from Ladies' dresses, social separates, special sizes and Men's sportswear. The fashion areas of the new home assortment (furniture, seasonal, and top-of-bed) continue to gain strength, and the exit of the Children's business continues on schedule. Geographically, sales were strongest in California and along the Gulf coast.
There were 262 Stein Mart stores in operation at the end of June 2006 as compared to 260 stores at the same time last year.
Quarter end news release
Financial results for the Company's second quarter, which ends on July 29, 2006, will be released prior to the opening of the U.S. financial markets on Thursday, August 17, 2006.
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 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:
* changing preferences in apparel * changes in consumer spending due to current events and/or general economic
* availability of new store sites at acceptable lease terms * unanticipated weather conditions and unseasonable weather * the effectiveness of advertising, marketing and promotional strategies * on-going competition from other retailers * adequate sources of merchandise at acceptable prices * 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.
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, +1-904-346-1506, or firstname.lastname@example.org
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