SMRT Stein Mart Inc

September Total Sales Decreased 1.8% and Comparable Store Sales Decreased 2.8%

Stein Mart, Inc. (NASDAQ:SMRT) today reported total sales for the five-week period ended October 3, 2015 of $117.3 million, a 1.8 percent decrease over total sales of $119.4 million for the five-week period ended October 4, 2014. Comparable store sales for the five-week period ended October 3, 2015 decreased 2.8 percent from September 2014.

Total sales of $868.5 million for the thirty-five week period ended October 3, 2015 increased 4.3 percent from total sales of $832.9 million for the thirty-five week period ended October 4, 2014. Comparable store sales for the thirty-five week period ended October 3, 2015 increased 2.4 percent from comparable store sales for the period ended October 4, 2014.

As reported last week, September sales were impacted by unseasonably warm weather, one less week of post-Labor Day fall fashion selling and a shift of promotional events, including a shoe and accessories event being moved from September to October. Sales in our Mid-Atlantic States were unfavorably impacted by heavy rain associated with hurricane Joaquin the last week of the period.

Geographically, Florida had the strongest sales in September with solid positive comps, while Texas and the Northeast performed below the chain. The Company operated 271 stores at the end of September this year compared to 268 stores last year. Two stores were opened during the month in Commack (Long Island), NY and Newport News, VA.

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. 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. 

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Additional information about Stein Mart, Inc. can be found at www.steinmart.com

For more information:
Linda L. Tasseff
Director, Investor Relations
(904) 858-2639
ltasseff@steinmart.com