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A rough third quarter for Stein Mart


Stein Mart reported negative same-store sales growth on the same day that the company also lost its chief merchant to an off-price rival.

For the third quarter ended Oct. 31, Stein Mart comps fell 2.3%.

"Unseasonably warm weather impacted traffic and our sales during the third quarter," said Jay Stein, CEO. "We continue to have a positive outlook on our important fourth quarter holiday sales which will include incremental sales from six new stores opened through the third quarter plus four more new stores opening in November."

Geographically, Florida and North Carolina had positive same-store sales in October and were the strongest sales in the chain, while Texas and the West performed below the chain. For the third quarter, men's and home had the strongest sales, while ladies' apparel and accessories performed lower than the chain. All results were impacted by record high temperatures in most regions.

The company also announced that its CMO Brian R. Morrow resigned to accept a position at Ross Stores. Stein Mart has initiated a search for a new chief merchandising officer.

“We thank Brian for his assistance in leading our merchandising efforts over the past six years and we wish him well in his new endeavor,” said Stein. “Brian helped us develop a talented merchandising organization which will continue to serve us well.”

Stein Mart operates 270 locations from California to Massachusetts.

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