Stein Mart hits 52 week high

Monday, 03 September 2012

American discount apparel and homeware retailer Stein Mart, Inc. has set a new 52 week high of 9.04 dollars. The company recently beat estimates, with its total revenue for August beating all estimates after it reached 79 million dollars (+6.9 percent).

"Our strong sales were for regular priced merchandise, including early receipts for fall, as well as clearance selling," Interim CEO Jay Stein said in a statement.  The company said the increase was driven by sales of linens, women's career and casual clothing. Gifts, dresses and men's clothing underperformed. Geographically speaking, California was the best estate for sales, whereas Florida remained weak.

The Florida-based affordable retailer posted revenue at stores open at least a year up by 5.6 percent, compared to the 1.5 percent analysts on average expected, according to Thomson Reuters.

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