JACKSONVILLE, Fla., Feb. 7, 2013 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (Nasdaq:SMRT) today reported sales for the five weeks of January. The January period includes an extra week in fiscal 2012, creating a 53-week fiscal year that occurs approximately every six years in the accounting cycle for most retail companies.
Total sales for the five-week period ended February 2, 2013 were $78.9 million, an increase of 31.3 percent over total sales of $60.1 million for the four-week period ended January 28, 2012. Total sales for the extra 53 rd week were approximately $15.8 million. Comparable store sales for the four-week period ended January 26, 2013 increased 4.6 percent over the four-week period ended January 28, 2012.
Linens and men's furnishings posted the strongest sales for the month, while ladies' accessories, ladies' special sizes and ladies' casual sportswear were more challenged. Geographically, January sales were strongest in the Midwest and Texas, while North Carolina, Tennessee and California were weaker. Unfavorable weather, primarily in certain Eastern states and California, impacted more than one-quarter of the chain during the fourth week of the month.For the 14-week period ended February 2, 2013, total sales were $365.2 million, an increase of 11.3 percent over total sales of $328.2 million for the 13-week period ended January 28, 2012. Comparable store sales for the 13-week period ended January 26, 2013 increased 6.0 percent over the 13-week period ended January 28, 2012. Total sales for the 53-week period ended February 2, 2013 were $1.214 billion, an increase of 4.6 percent over total sales of $1.160 billion for the 52-week period ended January 28, 2012. Comparable store sales for the 52-week period ended January 26, 2013 increased 2.7 percent over the 52-week period ended January 28, 2012. The table below shows total sales for each period ending February 2, 2013 compared to January 28, 2012, while comparable store sales measures each period ending January 26, 2013 against the respective period ending January 28, 2012, excluding the extra 53 rd week of fiscal 2012.
|Total Sales (in millions)||Total Sales||Comparable Store Sales|
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV