Stein Mart, Inc. Provides First Quarter 2020 Sales and Preliminary Operating Results
*First quarter net sales decrease 57% *Reopened 90 percent of stores to date with reduced hours *Actions taken in response to COVID-19 to preserve liquidity. The decrease in net sales for the first quarter of 2020 compared to the prior year reflects the temporary closure of all stores on March 19 due to the COVID-19 pandemic. Omni sales for the first quarter increased 17 percent over last year. In April, omni sales were 47 percent higher than last year driven by fulfillment from closed stores where allowed. Beginning April 23, the Company began the staggered reopening of stores with reduced hours. To date, the Company has reopened 255 of its 281 stores in accordance with local government guidelines. Traffic in stores has steadily increased each week since reopening and omni sales have continued to be strong, even as more stores opened. Sales continued to recover in May, but remained well below last year.