Stein Mart keeps steady growth going

Off-price shop Stein Mart's strategy of just the right product, at just the right price, at just the right time seems to be working as the retailer reported another quarterly increase in same store sales.

Stein Mart Inc. reported rising total sales in the second quarter ended Aug. 1. Total sales for the quarter rose 4% to $311.6 million, from $298.1 million. Same store sales for the quarter rose 3%.

In addition, ladies’ apparel, led by dresses and ladies’ boutique, drove a 4% boost in total sales during July, to $76.6 million from $75.3 million. The shift of sales tax holidays from July to August in eight states for 102 stores, as well as higher liquidation sales in July 2014 for three stores that were relocated, negatively impacted monthly sales.

"We are pleased with our second quarter sales results, despite the weaker July which was clearly not in line with our current trend," said Jay Stein, CEO.