Stein Mart (SMRT) Sees Negative Sept. Comps

Stein Mart (NASDAQ: SMRT) announced that grand opening week sales of its new Commack, NY store that opened on September 24 were one of the best in the last decade. Stein Mart has identified Long Island as a key market and part of its Northeast strategy to drive store growth. The Commack store is Stein Mart's much anticipated first in Long Island and one of nine new stores that the company is set to open this fall.

While the Company is delighted with its Commack grand opening results, overall sales in September have been somewhat sluggish, impacted by one less week of post-Labor Day fall fashion selling, a shift of promotional events and unseasonably warm weather. The move of Labor Day to a week later in September this year resulted in several events being pushed back one week and a shoe and accessories event being moved from September to October. As a result, the Company expects September (five-week period ending October 3, 2015) comparable store sales will be negative low single digits compared to a strong 4.9 percent increase last year.

"We feel the warmer weather and shift in our promotional calendar has impacted sales this month," said Jay Stein, CEO of Stein Mart. "We clearly have the right merchandise in place to have a successful fall season once cooler weather arrives."

You May Also Be Interested In

• Cadrenal Therapeutics CMO resigns, separation terms disclosed
• Our Bond (OBAI) files for 10M share offering by selling stockholders
• DBV Technologies refreshes ATM program with $150M ADS offering