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Stein Mart (SMRT) Comps Rose 4.6% in January

February 7, 2013 8:04 AM EST Send to a Friend
Stein Mart, Inc. (Nasdaq: SMRT) reported sales for the five weeks of January. The January period includes an extra week in fiscal 2012, creating a 53-week fiscal year that occurs approximately every six years in the accounting cycle for most retail companies.

Total sales for the five-week period ended February 2, 2013 were $78.9 million, an increase of 31.3 percent over total sales of $60.1 million for the four-week period ended January 28, 2012. Total sales for the extra 53rd week were approximately $15.8 million. Comparable store sales for the four-week period ended January 26, 2013 increased 4.6 percent over the four-week period ended January 28, 2012.

Linens and men's furnishings posted the strongest sales for the month, while ladies' accessories, ladies' special sizes and ladies' casual sportswear were more challenged. Geographically, January sales were strongest in the Midwest and Texas, while North Carolina, Tennessee and California were weaker. Unfavorable weather, primarily in certain Eastern states and California, impacted more than one-quarter of the chain during the fourth week of the month.

For the 14-week period ended February 2, 2013, total sales were $365.2 million, an increase of 11.3 percent over total sales of $328.2 million for the 13-week period ended January 28, 2012. Comparable store sales for the 13-week period ended January 26, 2013 increased 6.0 percent over the 13-week period ended January 28, 2012.

Total sales for the 53-week period ended February 2, 2013 were $1.214 billion, an increase of 4.6 percent over total sales of $1.160 billion for the 52-week period ended January 28, 2012. Comparable store sales for the 52-week period ended January 26, 2013 increased 2.7 percent over the 52-week period ended January 28, 2012.




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