Stein Mart swings to loss in Q3
Jacksonville, Fla. -- Stein Mart Inc. reported Thursday that it moved to a loss in the quarter ended Oct. 29, recording a loss of $1.8 million compared with a profit of $4.3 million a year earlier.
Gross profit margin fell to 23.8% from 25.4%, due mainly to increased markdowns and higher buying costs.
Revenue dropped 4% to $258.5 million from $267.9 million, a consistent trend since 2007. Same-store sales fell 2.9%.
"Promotions will continue to be an important driver of customer foot traffic, but we need to get back to being an every day value merchandise focused retailer," interim CEO Jay Stein said in a statement.