August 5, 2004 For more information:
Susan Datz Edelman
FOR IMMEDIATE RELEASE Director, Stockholder Relations
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sedelman@steinmart.com
STEIN MART, INC. REPORTS JULY AND SECOND QUARTER '04 SALES
JACKSONVILLE, FL - Stein Mart, Inc. (Nasdaq: SMRT) today announced net sales and
comparable store sales for the fiscal period ended July 31, 2004, as follows
(dollars in millions):
Total Sales Percent Change
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Fiscal Period: Total Comparable
2004 2003 Sales Store Sales
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July (4 weeks) $81.8 $80.5 1.6% 6.2%
Second quarter (13 weeks) $320.6 $303.5 5.6% 10.3%
Year to date (26 weeks) $685.2 $634.1 8.1% 11.1%
All the ready-to-wear divisions continued to perform well as did ladies'
accessories and intimate apparel. Geographically, sales were positive in all
regions.
"The liquidation of seasonal merchandise as well as good sell-through in
transition apparel proved to be a compelling combination during July," noted
Michael D. Fisher, president and chief executive officer of Stein Mart, Inc.
"Our blend of sales produced better margins, and combined with beneficial
expense performance, we now expect earnings per share of approximately $0.12 for
the quarter."
There were 257 stores in operation at the end of July 2004, as compared to
270 stores at the same time last year.
Quarter-end news release date
Financial results for the Company's second quarter will be released prior
to the opening of the financial markets on Thursday, August 19, 2004. Also on
August 19, a conference call with management to discuss second quarter results
and the outlook for third quarter will be held at 10:00 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 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 young 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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Additional information about Stein Mart, Inc. can be found at www.steinmart.com.