Stein Mart key sales figure declines in October

Stein Mart's sales at stores open at least a year drop 4.9 percent in October

• On 8:00 am EST, Thursday November 5, 2009

JACKSONVILLE, Fla. (AP) -- Discount retailer Stein Mart Inc. said Thursday that a key October sales figure fell 4.9 percent as less clearance merchandise was available.

Stein Mart said its weakest sales were in ladies' career sportswear and gifts, while its ladies' casual sportswear, Boutique and costume jewelry sales improved during the month. The retail sales figure is a key indicator of performance since it measures growth at existing stores rather than newly opened ones.

Total sales for the period ended Oct. 31 dropped 7.8 percent to $92.2 million.

For the third quarter, sales at stores open at least a year slipped 6.2 percent, with total sales down 9.6 percent to $270.2 million.

Year-to-date sales at stores open at least a year fell 6.3 percent. Total sales declined 8.9 percent to $877.3 million.

Stein Mart opened one new stores and closed two existing stores in October. It has 267 stores at quarter's end compared with 279 stores a year earlier.

The company plans to report third-quarter results before the markets open on Nov. 19.