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Stein Mart suspends quarterly dividend
08
Feb '08
Stein Mart Inc reported total sales and comparable store sales for the fiscal period(s) ended February 2, 2008.

Please note that Fiscal 2006 was a 53-week year, taking in an extra week in January 2007 that produced $19.7 million in sales.

The table below shows total sales for each period ending February 2, 2008 as compared to the respective, one-week longer period ending February 3, 2007.

However, the comparable store sales column measures the same four-week, 13-week and 52-week periods ending on February 2, 2008 as compared to those periods ending on February 3, 2007.

"We took an especially aggressive promotional stance in order to clear seasonal merchandise in January," noted Linda M. Farthing, president and chief executive officer of Stein Mart Inc.

"The deeper discounting was costly in terms of markdowns, but allowed us to drive traffic, generate additional comparable store sales and, most importantly, make progress toward our goal of a leaner inventory position for spring."

During January, ladies' social occasion and dresses, special sizes, and intimate apparel had positive comparable store sales.

Geographically, comparable stores sales trends were slightly positive in most of the Company's markets, with notable exceptions in California, Arizona and Florida, where trends were significantly negative.

Management now expects fourth quarter operations will produce a net loss of $(0.28) to $(0.33) per diluted share, pending the completion of the fiscal year-end audit.


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