Stein Mart July comps down 3.4%

JACKSONVILLE, Fla. Stein Mart Thursday reported that total sales for the four weeks ended Aug. 4 were $84.5 million compared with $82.8 million last year, an increase of 2%. Comparable-store sales for the July period were down 3.4%.

Stein Mart reported total sales of $330.7 million for the second quarter ended Aug. 4 compared with total sales of $336.3 million for the same period last year, a decrease of 1.7%. Comparable-store sales for the quarter fell 1.2%.

For the year-to-date period, sales were $706.9 million compared with sales of $701.1 million, an increase of 0.8%. Comparable-store sales for this period decreased 1.6%.

During July, comparable-stores sales were positive in ladies' career, ladies' accessories, social occasion/dresses, special sizes and intimate apparel. Geographically, sales were positive in the Mid-Atlantic States and portions of the Midwest. Sales in Florida and along the Gulf Coast continue to be below company trend.

Due to the sales shortfall in the period and increased markdowns needed to clear seasonal inventory, management now expects to earn 5 cents per diluted share for the second quarter of 2007.