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Total Sales (in millions) Percent Change
Total Comparable
Fiscal period 2009 2008 Sales Store Sales
October (4 weeks) $92.2 $100.0 (-7.8)% (-4.9)%
Third quarter (13 weeks) $270.2 $298.8 (-9.6)% (-6.2)%
Year-to-date (39 weeks) $877.3 $962.6 (-8.9)% (-6.3)%
During October, ladies' casual sportswear, Boutique and costume jewelry produced positive comparisons, while the most difficult businesses were ladies' career sportswear and gifts. Stores in the West had positive comparable store sales, while those along the Gulf Coast continued to under perform.
One new store opened and two existing stores closed in October, completing the store opening/closing activity for the year. There were 267 stores in operation at October 31, 2009 as compared to 279 at the same time last year.
"Although comparable sales improved somewhat through the quarter, the lower level of clearance merchandise was a significant factor in our reduced sales," commented David H. Stovall, Jr., president and chief executive officer of Stein Mart, Inc. "However, keeping our merchandise fresher and inventories lower, combined with our reduced expense structure, should continue to benefit our operating margins."
Third Quarter Financial Results
Full financial results for the third quarter ended October 31, 2009 will be reported before the U.S. financial markets open on Thursday, November 19, 2009. Management will also hold a conference call at 10:00 a.m. ET that morning to discuss those results. The call may be heard on the investor relations portion of the Company's website at http://ir.steinmart.com. A replay of the presentation will be available on the website through November 27, 2009.
About Stein Mart
Stein Mart stores offer the fashion merchandise, service and presentation of a better department or specialty store, at prices up to 60 percent off department and specialty store original prices, every day. Currently with locations from California to Massachusetts, Stein Mart's focused assortment of merchandise features current season, moderate to better fashion apparel for women and men, as well as accessories, gifts, linens and shoes.
SMRT-S
Additional information about Stein Mart, Inc. can be found at www.steinmart.com
SOURCE Stein Mart, Inc.
http://www.steinmart.com
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