Stein Mart, Inc. Reports Second Quarter Fiscal 2017 Results

Stein Mart, Inc. (NASDAQ:SMRT) today announced financial results for the second quarter ended July 29, 2017.

Highlights
•Total sales decreased 2.7 percent and comparable store sales decreased 5.0 percent
•Diluted loss per share of $0.28 compared to diluted earnings per share of $0.06 in 2016
•Average store inventories 15 percent lower than last year’s second quarter

Net loss for the second quarter was $13.0 million or $0.28 per diluted share compared to net income of $3.0 million or $0.06 per diluted share in 2016. For the first six months of 2017, net loss was $9.3 million or $0.20 per diluted share compared to net income of $16.3 million or $0.35 per diluted share in the same period in 2016.

“Our second quarter sales trends improved from the first quarter and were strongest in July as we more aggressively priced our clearance merchandise,” said Hunt Hawkins, Chief Executive Officer. “We are very pleased with the progress we made on our inventory management initiatives that resulted in 15 percent lower average store inventories at the end of the quarter. It is important that our inventories are in a very good position and well-balanced going into the fall season.”

“We will continue to operate our business with lean store inventories and tight expense control this fall while putting into place new merchandising and marketing strategies that include the launch of a new advertising campaign in September. We expect our lower inventories will give us better margins from lower markdowns primarily in the fourth quarter.”

Total sales for the second quarter of 2017 decreased 2.7 percent to $311.0 million, while comparable store sales decreased 5.0 percent. Ecommerce sales were up 41 percent over last year’s second quarter. For the first six months of 2017, total sales decreased 4.0 percent to $648.4 million, while comparable store sales decreased 6.4 percent.

Gross profit for the second quarter of 2017 was $64.7 million or 20.8 percent of sales compared to $89.4 million or 28.0 percent of sales in 2016. Gross profit for the first six months of 2017 was $160.2 million or 24.7 percent of sales compared to $198.3 million or 29.4 percent of sales in 2016. The lower gross profit rate for both periods reflects much higher markdowns and to a lesser extent higher occupancy costs that negatively leverage on lower sales.
more detail at:  http://ir.steinmart.com/releasedetail.cfm?ReleaseID=1037508

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