Sales Gaining, Stein Mart Moves Toward Better Margins
Tuesday February 12th, 2013 - 9:45AM
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Stein Mart, Inc. has reported that total sales for the 53-week period ended February 2 were $1.21 billion, an increase of 4.6% versus the 52-week period ended January 28, 2012. Comparable store sales for the adjusted 52-week period ended January 26, 2013 increased 2.7% year over year.
For the 14-week period ended February 2, total sales reached $365.2 million, an increase of 11.3% compared with the 13-week period ended January 28, 2012. Comparable store sales for the adjusted 13-week period ended January 26 increased 6% versus the year-earlier period.
Total sales for the five-week period ended February 2 were $78.9 million, an increase of 31.3% versus the four-week period ended January 28, 2012. Total sales for the 53rd week were $15.8 million. Comps for the four-week period ended January 26 advanced 4.6% compared with the four-week period ended January 28, 2012.
"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, Stein Mart Interim CEO. "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."
Stein Mart operated 263 stores at the end of January.
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