Stein Mart (SMRT) Oct. Comps Up 5.4%
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Stein Mart, Inc. (Nasdaq: SMRT) reported that total sales for the four-week period ended November 2, 2013 increased 6.9 percent and comparable store sales increased 5.4 percent. For the third quarter ended November 2, 2013 total sales increased 6.1 percent and comparable store sales increased 4.8 percent.
Linens, dresses, ladies' career sportswear, women's and intimate apparel posted the strongest sales for the month, while ladies' accessories, men's furnishings, ladies' boutique, ladies' casual sportswear and petites were more challenged. Boutique sales performance was impacted by the shift of a boutique event from October last year to November this year. Geographically, October sales were strongest in the Southeast and New Jersey, while the Gulf States and most of the Midwest performed lower than the chain. October sales also benefited from our first full month of e-commerce.
"Our strong sales continued into October, driven by upgraded designer and national brands, great fashion-forward merchandise and value pricing," said Jay Stein, Chief Executive Officer. "I can assure you that we are working hard to maintain our momentum through the fourth quarter, despite the shortened holiday selling season and highly promotional environment we see around us."
The Company operated 264 stores at the end of October this year compared to 262 stores last year. One store was opened this month in Watchung, NJ and one store located in Anaheim, CA was relocated to an improved site.
Linens, dresses, ladies' career sportswear, women's and intimate apparel posted the strongest sales for the month, while ladies' accessories, men's furnishings, ladies' boutique, ladies' casual sportswear and petites were more challenged. Boutique sales performance was impacted by the shift of a boutique event from October last year to November this year. Geographically, October sales were strongest in the Southeast and New Jersey, while the Gulf States and most of the Midwest performed lower than the chain. October sales also benefited from our first full month of e-commerce.
"Our strong sales continued into October, driven by upgraded designer and national brands, great fashion-forward merchandise and value pricing," said Jay Stein, Chief Executive Officer. "I can assure you that we are working hard to maintain our momentum through the fourth quarter, despite the shortened holiday selling season and highly promotional environment we see around us."
The Company operated 264 stores at the end of October this year compared to 262 stores last year. One store was opened this month in Watchung, NJ and one store located in Anaheim, CA was relocated to an improved site.
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