Fashion retailer Stein Mart Inc to release Q3 financial results on Nov 17
05 Nov '05
2 min read
Fashion merchandiser Stein Mart Inc announced total sales and comparable store sales for the fiscal period(s) ended October 29, 2005.
The best performing categories were men's sportswear, ladies' career sportswear and ladies' accessories. Geographically, comparable store sales were positive in all regions except Florida, with the best results in the mid- South and West.
The Company operated 262 stores on October 29, 2005 as compared to 260 stores at the same time last year.
Stein Mart continued to be adversely affected by the 2005 hurricane season in October. At the beginning of the month, five Louisiana/Mississippi locations were still closed and two more were operating with limited hours due to the effects of Hurricane Katrina in August and Hurricane Rita in September. By the time Hurricane Wilma approached Florida in the third week in October, only the two New Orleans stores remained closed from the earlier storm(s).
In the last week of the month, Hurricane Wilma caused 12 Florida stores on both coasts to close for one or more days, and several stores were closed for much of the week due to a lack of power.
In total, management estimates 162 store-days were impacted by all closures in October, with a cost of $2.2 million in lost sales. As of yesterday, two stores in Florida and two in New Orleans remain closed.
Full financial results for the Company's third quarter ending October 29, 2005 will be released prior to the opening of the financial markets on Thursday, November 17, 2005. Also on November 17, a conference call with management to discuss third quarter results will be held at 9:00 a.m. ET.
Jacksonville based Stein Mart stores offer the fashion merchandise, service and presentation of a better department or specialty store, at prices competitive with off- price retail chains. Currently with locations from California to New York, Stein Mart's focused assortment of merchandise features moderate to designer brand-name apparel for women, men and young children, as well as accessories, gifts, linens and shoes.
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