Stein Mart Comp stores sales positive in Mid-Atlantic, Midwest
10 Aug '07
2 min read
Stein Mart Inc reported total sales and comparable store sales for the fiscal period ended August 4, 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 each period ending August 4, 2007 as compared to the respective period ending July 29, 2006, while comparable store sales measures each period ending August 4, 2007 against the respective period ending August 5, 2006.
During July, comparable stores sales were positive in ladies' career, ladies' accessories, social occasion/dresses, special sizes and intimate apparel.
Geographically, sales were positive in the Mid-Atlantic States and portions of the Midwest. Sales in Florida and along the Gulf Coast continue to be below Company trend.
On August 4, 2007, there were 270 Stein Mart locations, compared to 261 stores last year. "July sales fell short of our projections and more markdowns were required to achieve our targeted inventory levels."
"We ended the second quarter with less inventory in an average store than last year, and on track to reach the desired level of inventory freshness as we enter the fall season," commented Michael D. Fisher, president and chief executive officer of Stein Mart Inc "We recognize the continued weakness in the consumer environment and we are working aggressively to make sure we are properly positioned to take advantage of opportunities going forward."
marketing@alchempro.com
