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Stein Mart Posts Slight Comp Gain In February

For the four-week period ended March 2, Stein Mart, Inc. posted a comparable store sales increase of 0.6% over the four-week period ended March 3, 2012. Total sales for the period were $85.2 million, up 5.6% from the month a year prior.

Stein Mart stated that linens, ladies’ casual sportswear and men’s sportswear posted the strongest sales for the month, while ladies’ boutique, ladies’ special sizes, dresses and ladies’ accessories were softest. On a geographical basis, sales in the month were strongest in Florida and the West, while several other areas, including the Mid-Atlantic, Midwest and Northeast, were weaker because of seasonably cold or severe weather, Stein Mart asserted.

“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.”

Stein Mart operated 263 stores at February’s end versus 262 stores a year earlier.