Stein Mart’s Holiday Comps Decline

Stein Mart’s comparable sales for the November/December holiday period declined, although the company did see sales growth in its e-commerce business.

The off-price retailer reported that its comparable stores sales for the nine-week period ended January 5, 2019, decreased 3.3% on a shifted basis, which compares to the nine-week period ended January 6, 2018. Results reflect lower store traffic partially offset by higher average unit retail and digital sales growth of 20%.

“Holiday sales were below our expectations, with traffic impacted by changes we made to our holiday marketing strategy,” said Hunt Hawkins, CEO, Stein Mart. “Notwithstanding our holiday sales, fiscal 2018 operating results will be significantly better than last year.”