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Stein Mart May same-store sales fall 12.4 percent

By Associated Press
June 5, 2008 | Comments (0)

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Department-store operator Stein Mart Inc. said Thursday its same-store sales fell 12.4 percent in May, more than analysts had anticipated.

Analysts polled by Thomson Financial, on average, expected same-store sales to fall 9.5 percent.

Same-store sales, or sales at stores open at least a year, is a key measure of retailer performance, because it measures growth at existing stores rather than from newly opened ones.

For the four weeks ended May 31, total sales fell 8.8 percent to $108.4 million.

Year to date, total sales have fallen 7 percent to $460.5 million, while same-store sales have fallen 10.1 percent.

As of May 31, Stein Mart operated 284 stores, compared with 270 at the same time last year.

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