Stein Mart (SMRT) Jan. Comps Fell 2.2%; Prelim. Q4, FY15 Revenue Light of Expectations

Stein Mart, Inc. (Nasdaq: SMRT) announced sales for the four weeks of January and fourth quarter ended January 30, 2016.

*** Consensus estimates called for Q4 revenue of $399 million and FY15 revenue of $1.37 billion.

Geographically, Texas and Florida had the strongest sales in January. For the fourth quarter, home and ladies’ apparel had the strongest sales and accessories sales, particularly cold weather items, were weaker. The Company operated 278 stores at the end of January this year compared to 270 stores last year.

“January sales were flat through the middle of the third week of the month, but then dropped for several days due to a winter storm that impacted the East and Mid-Atlantic areas,” said Jay Stein, Chief Executive Officer. “We are glad to have fall, with its unseasonable weather, behind us and are looking forward to showcasing our new spring merchandise to our customers.”

Discontinuing Monthly Sales Reporting

As previously announced, beginning in 2016 we will no longer report monthly sales. Quarterly sales will be reported in our quarterly earnings release.

Fourth Quarter 2015 Financial Results

Financial results for the fourth quarter 2015 will be reported prior to the opening of the U.S. financial markets on Thursday, March 10, 2016. 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 March 31, 2016.

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