Stein Mart (SMRT) Q1 Sales Top Expectations

Stein Mart (NASDAQ: SMRT) ales for the four weeks of April and first quarter ended May 2, 2015. First quarter total sales increased 7.5 percent and comparable store sales increased 4.8 percent.

*** The Street was looking for Q1 sales of $347.5 million.

As expected, the shift of Easter from late April last year to early April this year favorably impacted March sales, which had an 11.2 percent comparable stores sales increase, and impacted April sales unfavorably. Geographically, Florida had the strongest sales in April, while California, Texas and the Gulf States performed lower than the chain. For the first quarter, ladies' apparel posted the strongest sales, led by dresses and ladies' boutique, while accessories were more challenged. The Company operated 270 stores at the end of April this year compared to 263 stores last year.

"We are very pleased with the response our customers are having to our spring assortment," said Jay Stein, Chief Executive Officer. "Our first quarter 4.8 percent comparable store sales increase continues the trend we saw at the end of last year and is a great way to start the year."

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