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New Stores Added 3.6% to Total Sales
Trend Improved Mid-Month
JACKSONVILLE, Fla., Dec. 03, 2015 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (NASDAQ:SMRT) today reported total sales for the four-week period ended November 28, 2015 of $126.4 million, a 1.2 percent decrease over total sales of $127.9 million for the four-week period ended November 29, 2014. Comparable store sales for the four-week period ended November 28, 2015 decreased 4.8 percent from November 2014.
Total sales of $1.09 billion for the forty-three week period ended November 28, 2015 increased 3.2 percent from total sales of $1.06 billion for the forty-three week period ended November 29, 2014. Comparable store sales for the forty-three week period ended November 28, 2015 increased 1.1 percent from comparable store sales for the period ended November 29, 2014.
The entire November comparable sales shortfall occurred during the first two and one-half weeks of the month. Sales then improved to flat to last year for the remainder of the month and positive in early December. Geographically, the West and the Northeast had the strongest sales in November where temperatures were cooler, while Florida and Texas performed below the chain.
The Company operated 278 stores at the end of November this year compared to 269 stores last year. During the month, four new stores were opened in Brookhaven (Atlanta), GA; Coral Springs, FL; Rochester Hills (suburban Detroit), MI; and Torrance (Los Angeles), CA.
About Stein Mart
Stein Mart stores offer the fashion merchandise, service and presentation of a better department or specialty store, at prices competitive with off-price retail chains. With 278 locations from California to Massachusetts, as well as steinmart.com, Stein Mart’s focused assortment of merchandise features current season, moderate to better fashion apparel for women and men, as well as accessories, shoes and home fashions. For more information, please visit www.steinmart.com.
SMRT-S
Additional information about Stein Mart, Inc. can be found at www.steinmart.com
For more information: Linda L. Tasseff Director, Investor Relations (904) 858-2639 [email protected]
