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Stein Mart inks sales growth for ninth continuous quarter
11
Aug '14
Apparel retailer, Stein Mart clocked the company’s ninth consecutive quarter of positive sales in the just completed quarter.

For the second quarter, revenues climbed $7.2 million or 2.5 percent to $298.1 million. In the same period, like-for-like stores sales grew 1.3 percent.

Citing strong revenue from the women’s garment and home textile segment, Stein Mart posted a marginal sales growth of 0.9 percent to reach $75.3 million in July 2014 from $74.6 million in July 2013.

Comparable stores too rose slowly by 0.8 percent in the month.

The state of California reported the strongest sales in July, while Stein Mart found Northeast and Midwest more challenging.

CEO Jay Stein said, "July sales trended higher in the second half of the month driven by early fall receipts. We continue to have a positive outlook for 2014 as the underlying fundamentals of our business and growth strategies remain in place."

Stein Mart said it will release its financial results for the second quarter on August 21.

Stein Mart operated 265 stores at the end of July 2014, compared to 262 stores last July.

Fibre2fashion News Desk - India


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