Stein Mart same-store sales drop in August

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

Analysts polled by Thomson Reuters expected a same-store sales drop of 7 percent for the month.

Total sales for the four-week period ended Aug. 30 fell 6.2 percent to $86.8 million from $92.5 million a year earlier.

The company said men's furnishings and accessories, ladies' special sizes, career tops and modern casual areas performed better than other categories while gifts, linens and social occasion/dresses performed the worst.

The company also said Tropical Storm Fay and Hurricane Gustav lowered sales in Louisiana, Mississippi and Alabama.