May 6, 2004 For more information:
Susan Datz Edelman
FOR IMMEDIATE RELEASE Director, Stockholder Relations
(904) 346-1506
sedelman@steinmart.com
STEIN MART, INC. REPORTS APRIL, 1st QUARTER '04 SALES
JACKSONVILLE, FL - Stein Mart, Inc. (Nasdaq: SMRT) today announced net sales and
comparable store sales for the fiscal period ended May 1, 2004, as follows
(dollars in millions):
Total Sales Percent Change
- ------------------------------------------------------------------------------------------------------
Fiscal Period: Total Comparable
2004 2003 Sales Store Sales
----------------- ---------------------
April (4 weeks) $112.5 $107.7 4.5% 6.7%
First quarter/year to date (13 weeks) $363.6 $328.2 10.8% 11.8%
The best performing divisions for April were Ladies' casual sportswear,
Ladies' accessories and Boutique sportswear. Geographically, sales were positive
in every region, with the strongest performances in Southern California, South
Florida, the Ohio Valley and the Mid-Atlantic.
"Sales of apparel and apparel-related categories remained strong throughout
April, even with fewer days in the pre-Easter selling period as compared to last
year," commented Michael D. Fisher, president and chief executive officer of
Stein Mart, Inc. "Comparable store sales exceeded our expectations and we now
expect earnings per share of approximately $0.27 for the first quarter."
There were 258 stores in operation at the end of April, as compared to 270
stores at the same time last year.
Quarter-end news release date
Financial results for the Company's first quarter will be released prior to
the opening of the financial markets on Thursday, May 20, 2004. Also on May 20,
a conference call with management to discuss first quarter results and the
outlook for second quarter will be held at 10:30 a.m. ET. Interested parties may
listen to the call via a real-time web cast on www.steinmart.com, or hear a
recorded version on Stein Mart's website until the end of the month.
About Stein Mart
Stein Mart's 258 stores offer the fashion merchandise, service and
presentation of a better department or specialty store, at prices competitive
with off-price retail chains. Currently with locations from California to New
York, Stein Mart's focused assortment of merchandise features moderate to
designer brand-name apparel for women, men and children, as well as accessories,
gifts, linens and shoes.
SAFE HARBOR STATEMENT>>>>>>>Except for historical information contained herein,
the statements in this release may be forward-looking, and are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. The Company does not assume any obligation to update or revise any
forward-looking statements even if experience or future changes make it clear
that projected results expressed or implied will not be realized.
Forward-looking statements involve known and unknown risks and uncertainties
that may cause Stein Mart's actual results in future periods to differ
materially from forecasted or expected results. Those risks include, but are not
limited to, on-going competition from other retailers, availability of new store
sites at acceptable lease terms, ability to successfully implement strategies to
exit or improve under-performing stores, changing preferences in apparel,
changes in consumer spending due to current events and/or general economic
conditions, the effectiveness of new advertising, marketing and promotional
strategies, adequate sources of merchandise at acceptable prices and the other
risks and uncertainties described in the Company's filings with the Securities
and Exchange Commission.
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