Stein Mart Sept. sales comparison declines

Stein Mart September sales in stores open at least 1 year, hurt by stores in the Southeast

• On 10:51 am EDT, Thursday October 8, 2009

JACKSONVILLE, Fla. (AP) -- Discount retailer Stein Mart Inc. said Thursday sales at stores open at least a year fell 5.4 percent in September.

The company said stores in the West, from Texas to California, performed better than others, while stores in the Southeast continued to fare poorly. Same-store sales are considered a key indicator of a retailers' health because they excludes sales at newly opened stores.

For the four weeks ended Oct. 3, Stein Mart said its net sales fell 9 percent, to $101.9 million from $112 million.

During the nine-week quarter, sales at stores open at least a year declined 6.9 percent, and total sales slipped 10.5 percent.