Stein Mart (SMRT) Jan. Comps Fell 0.7%
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Stein Mart, Inc. (NASDAQ: SMRT) eported sales for the four weeks of January.
Note that fiscal 2012 was a 53-week year which included an extra week in January 2013 with sales of approximately $15.8 million. The table below shows total sales for the four-week period ended February 1, 2014 compared to the five-week period ended February 2, 2013, while comparable store sales measures the four-week period ended February 1, 2014 against the four-week period ended February 2, 2013.
Linens, ladies' boutique and gifts posted the strongest sales for the month, while jewelry, ladies' sportswear and men's performed lower than the chain. Geographically, January sales were strongest in Florida and the West, while most other areas experienced comparable sales declines due to winter storms combined with record cold weather.
"I am very pleased to report our seventh consecutive quarter of comparable store sales increases and an annual increase that is one percent better than our strong performance last year," said Jay Stein, Chief Executive Officer. "Our January sales were clearly impacted by the severe weather throughout most of the country. Factoring this out, our sales results for January were consistent with our performance through year-to-date December."
The Company operated 264 stores at the end of January this year compared to 263 stores last year.
Note that fiscal 2012 was a 53-week year which included an extra week in January 2013 with sales of approximately $15.8 million. The table below shows total sales for the four-week period ended February 1, 2014 compared to the five-week period ended February 2, 2013, while comparable store sales measures the four-week period ended February 1, 2014 against the four-week period ended February 2, 2013.
Percent Change
Total Sales (in millions) Comparable Store Sales
Fiscal period 2013 2012* 2013
January $64.4 $78.9 -0.7%
Fourth Quarter $359.9 $368.6 3.1%
Year $1,262.7 $1,232.4 3.7%
*All 2012 periods include sales for the 53rd week of approximately $15.8 million.
Linens, ladies' boutique and gifts posted the strongest sales for the month, while jewelry, ladies' sportswear and men's performed lower than the chain. Geographically, January sales were strongest in Florida and the West, while most other areas experienced comparable sales declines due to winter storms combined with record cold weather.
"I am very pleased to report our seventh consecutive quarter of comparable store sales increases and an annual increase that is one percent better than our strong performance last year," said Jay Stein, Chief Executive Officer. "Our January sales were clearly impacted by the severe weather throughout most of the country. Factoring this out, our sales results for January were consistent with our performance through year-to-date December."
The Company operated 264 stores at the end of January this year compared to 263 stores last year.
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