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JACKSONVILLE, Fla., April 10, 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 April 5, 2008.
Total Sales Percent Change
(in millions)
Total Comparable
Fiscal period 2008 2007 Sales Store Sales
March (5 weeks) $138.6 $162.5 (14.7)% (17.1)%
Quarter to date (9 weeks) $234.8 $266.8 (12.0)% (14.5)%
During March, the better performing categories were ladies' status casual and fashion accessories. Geographically, comparable stores sales trends were negative in all regions of the country, with Northern tier stores performing somewhat better than those in the South and West.
"Our March sales were negatively impacted by the move of a major promotional event from March last year to April this year, and of course, the loss of a selling day due to the earlier Easter," noted Linda M. Farthing, president and chief executive officer of Stein Mart, Inc. "It will be particularly important this year to consider the sales results of March and April together to get a true picture of our spring selling season."
At April 5, 2008, there were 281 stores in operation as compared to 270 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 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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