The Associated Press September 2, 2010, 7:47AM ET

Stein Mart sales climb in August

Discount department store Stein Mart Inc. said Thursday that its sales rose far more than expected in August, thanks to boost from an earlier-than-usual clearance sale.

The retailer said its revenue from stores open at least a year rose 8.5 percent during the month.

Analysts surveyed by Thomson Reuters expected the figure to be flat.

Revenue at stores open at least a year are a key indicator of a retailer's performance because it excludes results from stores that open or close during the year.

Total revenue rose 6.3 percent to $80.9 million, up from $76.1 million last year.

The company said sales were strongest in its home section along with women's career clothing and accessories. Sportswear continued to struggle.

Stein Mart is based in Jacksonville, Fla., and has 264 stores across the country.


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