Stein Mart (SMRT) Comps Down 2.5% in January 2010, Down 3.8% for Q409

Stein Mart, Inc. (NASDAQ: SMRT) today reported total sales and comparable store sales for the fiscal period(s) ended January 30, 2010.

    

                               Total Sales 

                              (in millions)               Percent Change

                             ---------------               --------------

                                                                 Comparable 

Fiscal period            2009        2008      Total Sales   Store Sales

-------------               ----        ----          -----------   -----------

    

January (4 weeks)   $63.8       $67.1        (-4.9)%       (-2.5)%



4th quarter 

(13 weeks)            $341.8      $363.9       (-6.1)%       (-3.8)%



Fiscal Year 

(52 weeks)         $1,219.1    $1,326.5       (-8.1)%       (-5.6)%

For January, ladies' casual sportswear, ladies' Boutique, intimate apparel and the home area posted positive comparisons, while the most difficult business continued to be ladies' career fashion. Once again, the Company's stores in the Mid-West had the strongest sales performances during the month, while those along the Gulf Coast were weaker.

"Consistent with this year's inventory management strategy, we had significantly less clearance merchandise this January compared to January last year," noted David H. Stovall, Jr., president and chief executive officer of Stein Mart. "While the lack of sale merchandise was challenging in a traditionally clearance month, it did allow us to emphasize full-price selling."

There were 267 stores in operation at January 30, 2010 as compared to 276 at the same time last year.

Fourth Quarter and Fiscal 2009 Financial Results

Full financial results for the fourth quarter and fiscal year ended January 30, 2010 will be reported before the U.S. financial markets open on Thursday, March 18, 2010.

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