Stein Mart posts narrower decline in April revenue comparison than expected

Stein Mart revenue comparison for April falls

JACKSONVILLE, Fla. — Discount fashion retailer Stein Mart Inc. on Thursday said its revenue at stores open at least one year fell 5.4 percent in April, due largely to Easter falling earlier this year.

Analysts surveyed by Thomson Reuters expected a drop of 5.8 percent.

Revenue in stores open at least one year is a key measure of a retailer’s financial health, because it measures performance at existing locations, rather than from expansion.

Stein Mart said ladies’ dresses, costume jewelry and men’s sportswear all had positive comparable sales, with stores in the Mid-Atlantic and Midwestern states the strongest.

President and CEO David H. Stovall Jr. said combined March and April revenue was slightly negative compared with last year, but showed improvement over recent trends.

For the first quarter, revenue in stores open at least one year fell 3.8 percent.

Stein Mart said it will report full first-quarter results on May 20.