Stein Mart, Inc. Reports First Quarter 2020 Results

First quarter net loss of $(65.7) million or $(1.38) per share compared to net income of $4.0 million or $0.08 per share in 2019
Actions taken in response to COVID-19 to preserve liquidity
All stores re-opened by June 15 with reduced hours

Stein Mart, Inc. (NASDAQ: SMRT) today announced financial results for the first quarter ended May 2, 2020 and provided an update on its response to the COVID-19 pandemic. Results include $10.3 million of non-cash long-lived asset impairment charges which are preliminary and subject to adjustment.

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.
more detail at source: https://ir.steinmart.com/news-releases/news-release-details/stein-mart-inc-reports-first-quarter-2020-results-and-provides

Related Posts

Well-Known Washington Journalist and Columnist Team Up To Write Book on the Spiritual Life of Donald Trump

Broadside Books, an imprint of HarperCollins Publishers, has acquired World Rights to The Faith of Donald J. Trump: A Spiritual Biography for publication in January 2018. The new book, by David Brody, the Chief Political Correspondent for the Christian Broadcasting Network and Scott Lamb, the "Jesus in the Public Square" columnist for The Washington Times, draw on unparalleled access to the White House to explore the rarely discussed, but deeply important, religious beliefs and worldview of Donald J. Trump and his advisors. The deal was negotiated by Eric Nelson, VP/Editorial Director of Broadside Books, with one of the authors, Scott Lamb, who is also the Owner of Calliope Media.

Postal Service Delivery Continues to Average 2.5 Days

FY23 third quarter service performance scores covering April 1 through May 12, included: *First-Class Mail: 92.0% of First-Class Mail delivered on time against the USPS service standard, an increase of 1.0 percentage points from the fiscal second quarter. *Marketing Mail: 95.9% of Marketing Mail delivered on time against the USPS service standard, an increase of 1.3 percentage points from the fiscal second quarter. *Periodicals: 88.8% of Periodicals delivered on time against the USPS service standard, an increase of 2.3 percentage points from the fiscal second quarter.

Wiley Reports Third Quarter Fiscal 2022 Results

THIRD QUARTER SUMMARY: GAAP Results: Revenue of $516 million (+7%), Operating Income of $46 million (+34%), and EPS of $0.63 (+62%) NINE MONTHS SUMMARY: GAAP Results: Revenue of $1,537 million (+9%), Operating Income of $161 million (+20%), EPS of $1.86 (-2%), Cash Provided by Operating Activities of $158 million (+2%)
Back To Top
×Close search
Search