CORRECTING and REPLACING -- Stein Mart, Inc. Reports October and Third Quarter Sales
November 05 2015 - 9:34AM
In a release issued under the same headline earlier today
by Stein Mart, Inc. (NASDAQ:SMRT), please be advised that the
Comp Sales year should be 2015, not 2014. The complete
corrected text follows.
Year-To-Date Total Sales Increased 3.8%
and Comparable Store Sales Increased 1.9%
Third Quarter Total Sales Decreased 1.0%
and Comparable Store Sales Decreased 2.3%
Stein Mart, Inc. (NASDAQ:SMRT) announced today sales for the
four weeks of October and third quarter ended October 31, 2015.
|
|
|
Percent Change |
|
Total Sales (in millions) |
Total Sales |
Comp Sales |
Fiscal period
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2015 |
|
October |
$ |
97.3 |
|
$ |
97.8 |
|
|
(0.5 |
)% |
|
(2.5 |
)% |
Third Quarter |
$ |
300.7 |
|
$ |
303.7 |
|
|
(1.0 |
)% |
|
(2.3 |
)% |
Year-to-date |
$ |
965.8 |
|
$ |
930.7 |
|
|
3.8 |
% |
|
1.9 |
% |
Geographically, Florida and North Carolina had positive
comparable store sales in October and were the strongest sales in
the chain, while Texas and the West performed below the chain. For
the third quarter, men’s and home had the strongest sales, while
ladies’ apparel and accessories performed lower than the chain. All
results were impacted by record high temperatures in most regions.
The Company operated 274 stores at the end of October this year
compared to 268 stores last year. During the month, three new
stores were opened in Rancho Mirage, CA; Lady Lake, FL; and
Paradise Valley, AZ.
“Unseasonably warm weather impacted traffic and our sales during
the third quarter,” said Jay Stein, Chief Executive Officer. “We
continue to have a positive outlook on our important fourth quarter
holiday sales which will include incremental sales from six new
stores opened through the third quarter plus four more new stores
opening in November.”
Third Quarter 2015 Financial Results
Financial results for the third quarter 2015 will be reported
prior to the opening of the U.S. financial markets on Thursday,
November 19, 2015. Management will also hold a conference
call at 10:00 a.m. ET that morning to discuss those results. The
call may be heard on the Company’s investor relations website at
http://ir.steinmart.com. A replay of the call will be available on
the website through December 31, 2015.
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.
SMRT-S
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
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