Sales, comps see double-digit dip at Stein Mart

JACKSONVILLE, Fla. Stein Mart reported September net sales of $112 million for the five-week period ended Oct. 4, a decrease of 11.9% from $127.2 million in September 2007. Comparable-store sales decreased 14.8%.

Ladies' casual wear produced the best comparable-store sales performance, followed by ladies' accessories and special sizes. The most challenging businesses in September were gifts and linens. September sales also were negatively impacted by Hurricanes Gustav and Ike, which caused store closures. The Company lost a total of 111 store selling days as locations were closed before, during and after the storms.

"Our business in September was significantly below our expectations," stated Linda M. Farthing, president and ceo. "In an already difficult environment, our stores in the path of the hurricanes saw their sales plummet and following Hurricane Ike, the situation was exacerbated by post-storm gas shortages in many of our core Southeast markets such as Nashville, Charlotte and Atlanta."