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Stein Mart, Inc. Reports January 2013 Sales

Stocks in this article: SMRT

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.

      Percent Change
  Total Sales (in millions) Total Sales Comparable Store Sales
Fiscal period  2012 2011 2012 2012 2011
January $78.9 $60.1 31.3% 4.6% -3.9%
Fourth Quarter $365.2 $328.2 11.3% 6.0% -2.2%
Fiscal Year $1,213.9 $1,160.4 4.6% 2.7% -1.1%

Year-end inventories are higher than last year, as planned, due to an additional week of receipts from the shift of the 53 rd week into fiscal 2012, as well as more fall merchandise which was cleared too quickly last year through earlier and higher markdowns.

"I am pleased with our sales performance in January as well as in fiscal 2012 and look forward to continuing this trend in 2013," said Jay Stein, Interim Chief Executive Officer. "As a reminder, we are eliminating our February 12-hour event, replacing it with a much smaller one-day event that has less advertising expense and higher margins. For fiscal 2013 we are planning a total of seven 12-hour events down from eight in 2012 and nine in 2011." 

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