Bad weather doesn't rain on Stein Mart's Feb. sales
JACKSONVILLE, Fla. — Stein Mart reported that its total sales for the month of February were $85.2 million, an increase of 5.6% over total sales of $80.7 million for the four-week period ended Feb. 25, 2012. Comparable-store sales for the month increased 0.6%.
Sales for the month were strongest in the linens, ladies' casual sportswear and men's sportswear categories, while ladies' boutique, ladies' special sizes, dresses and ladies' accessories were more challenged.
Geographically, February sales were strongest in Florida and the West, while several other areas, including the Mid-Atlantic, Midwest and Northeast, were weaker due to seasonably cold or severe weather.
"I am pleased with our February sales performance, given the unfavorable impact of weather on certain regions and the change in our 12-hour event," said Jay Stein, interim CEO. "While sales were down early in the month due to our replacing the February 12-hour event with a much smaller promotion, they were good overall. As previously reported, fall inventory levels were planned up at year-end to better drive early first quarter selling."
The company operated 263 stores at the end of February this year compared with 262 stores last year.