Stein Mart Jan. key revenue metric rises 4.6 pct

Stein Mart posts 4.6 pct increase in January revenue at stores open at least a year

Associated Press

JACKSONVILLE, Fla. (AP) -- Discount retailer Stein Mart Inc. said Thursday that its revenue at stores open at least a year rose 4.6 percent, helped by strong demand for linens and men's items.

The metric is a key measure of a retailer's health, because it excludes revenue at stores that recently opened or closed.

The company's total sales for the five-week period ended Feb. 2 rose 31 percent to $78.9 million from $60.1 million.

Stein Mart said demand was strongest for linens and men's furnishings, while ladies' accessories, special sizes and casual sportswear didn't sell as well. Geographically, sales were strongest in the Midwest and Texas, while weaker in North Carolina, Tennessee and California.

In addition, bad weather conditions in certain Eastern states and California affected about 25 percent of the company's stores during the fourth week of the month, the company said.

For the fourth quarter, revenue at stores open at least a year rose 6 percent, while total sales increased 11 percent to $365.2 million. That's better than the average analyst estimate of $354.2 million, according to a survey by FactSet.

Full-year revenue at stores open at least a year rose 2.7 percent, while total sales increased 4.6 percent to $1.21 billion.

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