Stein Mart sees comps improve slightly but sales decline for 3Q
-- Home Textiles Today, 11/5/2009 1:44:00 PM
Jacksonville, Fla. -- Stein Mart Inc. blamed a lower level of clearance merchandise for its declining third quarter sales, fell 9.6% to $270.2 million from $298.8 million last year.
Comps fell 6.2%.
"Although comparable sales improved somewhat through the quarter, the lower level of clearance merchandise was a significant factor in our reduced sales," said David Stovall, president and ceo. “However, keeping our merchandise fresher and inventories lower, combined with our reduced expense structure, should continue to benefit our operating margins."
Year to date, Stein Mart’s sales fell 8.9% to $877.3 million and comps declined 6.3%.
Stein Mart opened one new store and closed two existing units during October, completing the company’s store opening-and-closing activity for the year. Total store count for Stein Mart is 267, compared with 279 last year at this same time.
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