Stein Mart February Revenue Metric Tops Street's View

JACKSONVILLE, Fla. (AP) -- Stein Mart said Thursday that its revenue at stores open at least a year edged up 0.6% in February, topping Wall Street estimates.
Analysts surveyed by Thomson Reuters expected the figure to be flat.
Revenue at stores open at least a year is a key indicator of a retailer's health because it excludes results from stores recently opened or closed.
Stein Mart Inc. said that its strongest categories during the month were ladies' casual sportswear and men's sportswear. Among the softer categories were ladies' boutique, ladies' special sizes, dresses and ladies' accessories.
The discount retailer said sales were strongest in Florida and the West. Other areas such as the Midwest, Northeast and Mid-Atlantic experienced weaker results due to cold or bad weather conditions.
Total revenue for the four weeks ended March 2 climbed 5.6 percent to $85.2 million.
Interim CEO Jay Stein said in a statement that sales were down early in the month because the company replaced its February 12-hour event with a much smaller promotion. But he noted that the monthly performance was "good overall."
Stein Mart, which is based in Jacksonville, Fla., had 263 stores at February's end.

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