Stein Mart Celebrates Much Anticipated New Commack Store Sales and Previews September
October 02 2015 - 7:30AM
Stein Mart (NASDAQ:SMRT) announces that grand opening week sales of
its new Commack, NY store that opened on September 24 were one of
the best in the last decade. Stein Mart has identified Long Island
as a key market and part of its Northeast strategy to drive store
growth. The Commack store is Stein Mart's much anticipated first in
Long Island and one of nine new stores that the company is set to
open this fall.
While the Company is delighted with its Commack grand opening
results, overall sales in September have been somewhat sluggish,
impacted by one less week of post-Labor Day fall fashion selling, a
shift of promotional events and unseasonably warm weather. The move
of Labor Day to a week later in September this year resulted in
several events being pushed back one week and a shoe and
accessories event being moved from September to October. As a
result, the Company expects September (five-week period ending
October 3, 2015) comparable store sales will be negative low single
digits compared to a strong 4.9 percent increase last year.
"We feel the warmer weather and shift in our promotional
calendar has impacted sales this month," said Jay Stein, CEO of
Stein Mart. "We clearly have the right merchandise in place to have
a successful fall season once cooler weather arrives."
About Stein Mart, Inc.
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. With over 270 locations
from California to Massachusetts, as well as steinmart.com, Stein
Mart's focused assortment of merchandise features current season,
moderate to better fashion apparel for women and men, as well as
accessories, shoes and home fashions.
CONTACT: For more information:
Linda L. Tasseff
Director, Investor Relations
(904) 858-2639
ltasseff@steinmart.com
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