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Stein Mart Year Holds Up Despite Weak January

Although January total and comparable store sales fell short, Stein Mart, Inc. finished its fiscal 2013 ahead of the game year over year. For the full year, sales were $1.26 billion versus $1.23 billion in fiscal 2012 with comps up 3.7%.

Fiscal 2012 was a 53-week period while fiscal 2012 was 52 weeks long, and Stein Mart’s sales figures include the results of the extra week recorded last year, the company noted.

January total sales were $64.4 million versus $78.9 million in last year’s month while comps fell 0.7% year over year, Stein Mart stated. Fourth quarter sales came in at $359.9 million versus $368.6 million in the prior-year period, with comps up 3.1%.

In terms of regions, January sales were strongest in Florida and the West while most other areas experienced comparable store sales declines due to winter storms combined with record cold weather, Stein Mart asserted.

“I am very pleased to report our seventh consecutive quarter of comparable store sales increases and an annual increase that is 1% better than our strong performance last year,” said Jay Stein, Stein Mart CEO. “Our January sales were clearly impacted by the severe weather throughout most of the country. Factoring this out, our sales results for January were consistent with our performance through year-to-date December.”