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JACKSONVILLE, Fla., June 2 /PRNewswire-FirstCall/ -- Stein Mart, Inc. (Nasdaq: SMRT) today announced total sales and comparable store sales for the fiscal period ended May 28, 2005, as follows (dollars in millions):
Total Sales Percent Change
Fiscal Period: Total Comparable
2005 2004 Sales Store Sales
May (4 weeks) $117.9 $114.8 2.6% 0.4%
Year to date (17 weeks) $498.5 $479.4 4.0% 2.5% Men's and ladies' career sportswear led the Company in sales, followed by ladies' accessories. Geographically, sales were strongest in the Southeast and along the Gulf Coast.
"Fashion and novelty merchandise in our assortment continued to sell well, but the rate of sale of basic seasonal items slowed due to the unusual weather patterns," commented Michael D. Fisher, president and chief executive officer of Stein Mart, Inc. "We continue to expect comparable store sales to increase in the low, single-digit range for the quarter ending July 30, resulting in diluted earnings per share of $0.20 - $0.22 for the second quarter of 2005."
The Company operated 260 stores on May 28, 2005 as compared to 258 stores at the same time last year.
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, ongoing 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.
CONTACT: Susan Datz Edelman, Director, Stockholder Relations of Stein Mart, Inc., +1-904-346-1506, or sedelman@steinmart.com
Web site: http://www.steinmart.com