Persistent winter weather took a bite out of Stein Mart’s net income in the first quarter, but the retailer rallied once the weather improved. It closed the quarter with total and comparable-store sales increases, and the upward trend has continued through May.
The company reported total sales for the four-week period ended May 31 of $109.6 million, a 2.2% increase over total sales of $107.3 million for the four-week period ended June 1 last year. Comparable store sales for the month increased 0.4% from comparable store sales for the same month last year.
For the 17-week period ended May 31, the retailer reported total sales of $438.5 million compared to total sales of $428.7 million for the same period last year. Comparable store sales increased 2% from comparable store sales for the 17-week period last year.
The company operated 265 stores at the end of May this year compared to 262 stores last year. The company opened a store in Aventura, Fla., and Falls Church, Va., as part of its store expansion plan that includes a total of 10 new stores and 6 relocations.