Stein-Mart key Nov. revenue metric up 3.1 pct

Stein-Mart Nov. revenue at stores open at least a year rises 3.1 pct, beats predictions

Associated Press

JACKSONVILLE, Fla. (AP) -- Stein Mart's revenue at stores open at least a year rose 3.1 percent in November.

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

Total sales increased 7.7 percent to $119.9 million from $111.4 million in the same month a year ago.

The company said it saw the strongest demand for linens, dresses, ladies' boutique, and ladies' career and casual sportswear. But demand for ladies' accessories, men's furnishings and men's sportswear was weak.

Geographically, sales were strongest in Texas, while sales at Midwest stores lagged.

Year-to-date revenue at stores open at least a year increased 3.9 percent, while total sales rose 4.9 percent to $1.02 billion.

Stein Mart had 264 stores at the end of November, up from 263 at the same time last year.

Its shares fell 21 cents, or 1.5 percent, to $14.06 in morning trading. Its shares are up nearly 90 percent so far this year.

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