Stein Mart, Inc. Reports First Quarter 2020 Results
Net loss for the first quarter of 2020 was $(65.7) million or $(1.38) per diluted share compared to net income of $4.0 million or $0.08 per diluted share for the first quarter of 2019. First quarter 2020 results include non-cash pre-tax asset impairment charges of $10.3 million or $0.22 per diluted share. Net sales for the first quarter of 2020 were $134.3 million compared to $314.2 million for the first quarter of 2019. Net sales were impacted by the temporary store closures related 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. Gross profit for the first quarter of 2020 was a loss of $(10.0) million or (7.5) percent of sales compared to $87.5 million or 27.8 percent of sales in the comparable period last year. The lower gross profit reflects deleverage of occupancy costs as a percentage of sales and higher markdowns.