Stein Mart works to maintain momentum through fourth quarter
Stein Mart posted strong sales in October, driven partly by upgraded designer and national brands. Total sales for the four-week period ended Nov. 2, increased 6.9% and comparable-store sales increased 5.4%.
For the third quarter ended Nov. 2, total sales increased 6.1% and comparable-store sales increased 4.8%.
Linens, dresses, ladies' career sportswear, women's and intimate apparel posted the strongest sales for the month, while ladies' accessories, men's furnishings, ladies' boutique, ladies' casual sportswear and petites were more challenged. Boutique sales performance was impacted by the shift of a boutique event from October last year to November this year. Geographically, October sales were strongest in the Southeast and New Jersey, while the Gulf States and most of the Midwest performed lower than the chain. October sales also benefited from our first full month of e-commerce.
"I can assure you that we are working hard to maintain our momentum through the fourth quarter, despite the shortened holiday selling season and highly promotional environment we see around us,” said CEO Jay Stein.
The company operated 264 stores at the end of October this year compared to 262 stores last year. It opened a store this month in Watchung, N.J., and relocated another in Anaheim, Calif., to an improved site.