Stein Mart May key revenue figure up 8.2 percent

Stein Mart key revenue metric up in May, benefits from strong sales of ladies' boutique items

Associated Press

JACKSONVILLE, Fla. (AP) -- Stein Mart's May revenue at stores open at least a year climbed 8.2 percent, driven by strong sales of linens and ladies' boutique items.

The discount retailer said Thursday that ladies' casual and career sportswear were also among its best categories for the month.

Weaker categories included dresses, men's sportswear, ladies' accessories and ladies' special sizes.

By region, sales were strongest in the Southeast.

Total revenue for the period ended June 1 rose 3.6 percent to $107.3 million.

Year-to-date revenue at stores open at least a year increased 2.9 percent. Total revenue climbed 3.7 percent to $428.7 million.

Stein Mart Inc. had 262 stores at May's end. The company reported last month that its first-quarter net income climbed thanks to higher revenue and a lower tax rate.

In April the retailer said that a panel had granted its request for continued listing on the Nasdaq stock market while it takes steps to come into compliance with listing requirements. Stein Mart previously disclosed that it did not file its 2012 second- and third-quarter financial results on time because it's still in the process of restating some financial statements for fiscal 2010 and 2011, 2012's first quarter, all quarters of 2011 and certain financial data for 2008 through 2011. The company also said in April that it believes it will be up to date with its financial filings to the Securities and Exchange Commission before August.

Shares of Stein Mart added 5 cents to $13.05 in morning trading.

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