Newspaper article The Florida Times Union

Stein Mart's Overall Sales Take Hit in May; Nationally, Retail Sales Were Up from April, but Did Not Shine

Newspaper article The Florida Times Union

Stein Mart's Overall Sales Take Hit in May; Nationally, Retail Sales Were Up from April, but Did Not Shine

Article excerpt

Byline: DIANA MIDDLETON

Stein Mart saw modest same-store sales gains in May, but total sales took a hit, the company reported Thursday.

Total sales for the month dipped 0.6 percent, totaling $118.9 million, while identical store sales rose 2.5 percent. The Jacksonville retailer's total sales for the year have yielded $495 million, an increase of 2.2 percent. But same-store sales, often considered the best indicator of a retailer's health, have fallen 1 percent so far this year.

Men's dress attire, as well as women's dresses and sportswear, were the retailer's best performing products. Intimate apparel and special sizes (including petites) are also seeing growth, according to a statement from the company.

"As anticipated, May comparable store sales were somewhat positive, helped by a well-received Memorial Day promotion and driven mostly by value," said a statement from Michael Fisher, president and chief executive officer. "We continue to expect to end the second quarter with flat to slightly positive comparable store sales as we work to clear seasonal commodity merchandise."

Stein Mart's statement reminded investors that the 53-week 2006 fiscal year created a calendar shift for this year's results, translating to a one-week difference between fiscal reporting periods and identical store sales reporting periods.

Nationally, retailers saw some solace from dreary April results, the Associated Press reported.

Americans shopped hesitantly during May, giving retailers modest relief from a dismal showing in April but still raising questions about how strong consumer spending will be in the months ahead.

"The general trend is clearly better than April but in line with expectations for what we saw in the spring," said Richard Jaffe, a retail analyst at Stiffel Nicolaus. "Are shoppers being selective? As always."

Ken Perkins, president of RetailMetrics LLC, a research company in Swampscott, Mass. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.