Stein Mart Inc reported total sales and comparable store sales for the fiscal period ended July 7, 2007.
As a reminder, the 53rd week in fiscal 2006 created a timing shift in the 4-5-4 calendar for fiscal 2007, creating a one-week difference between Stein Mart's fiscal reporting periods and comparable store sales reporting periods.
The table below shows total sales for the five-week period ending July 7, 2007 as compared to the five-week period ending July 1, 2006, while comparable store sales measures the five weeks ending July 7, 2007 against the five week year-ago period ending July 8, 2006.
During June, the best performances were once again from men's dress clothing and ladies' social occasion/dresses, as well as the recently expanded intimate apparel and special sizes categories.
Geographically, sales were better than the Company trend in the Mid-Atlantic States up through the Ohio Valley, and were better than expected in Texas, despite major weather challenges. Sales from stores in Florida and along the Gulf Coast continue below expectations.
On July 7, 2007, there were 270 Stein Mart locations, compared to 261 stores at the same time last year.
"Customers continue to be very value-oriented, and we saw a positive response to increased promotional activity around the July 4th holiday," commented Michael D. Fisher, president and chief executive officer of Stein Mart, Inc. "We are presently on track with our red dot clearance program to reach planned inventory levels by the end of the quarter; this should position us properly to begin the fall season."
marketing@alchempro.com
