Content about Stein Mart Inc.

November 9, 2012
Stein Mart will reinstate financial results back to 2009

Stein Mart Inc. announced that it will restate its financial statements for fiscal years 2009, 2010 and 2011, its quarterly data for the first quarter of 2012 and for all quarters in 2010 and 2011, as well as its selected financial data for the relevant periods due to merchandising accounting errors.

Jacksonville, Fla. -- Stein Mart Inc. announced Friday that it will restate its financial statements for fiscal years 2009, 2010 and 2011, its quarterly data for the first quarter of 2012 and for all quarters in 2010 and 2011, as well as its selected financial data for the relevant periods due to merchandising accounting errors.

March 8, 2012
Stein Mart Q4 income down, to focus on everyday low-pricing strategy

Stein Mart Inc. reported that its net income fell to $5.7 million for the fiscal fourth quarter, down from $18.8 million last year.

Jacksonville, Fla. -- Stein Mart Inc. reported Thursday that its net income fell to $5.7 million for the fiscal fourth quarter, down from $18.8 million last year. The chain said it was returning to its strategy of emphasizing everyday low prices after heavy coupon promotions took a toll on the retailer's financial performance during the past year.

Revenue for the quarter ended Jan. 28 was down nearly 3% to $328.1 million, from $336.7 million. Same-store sales were down 2.2%.

December 23, 2011
Stein Mart Q3 loss widens after correcting for overstated profit margins

Stein Mart Inc. reported that its third-quarter loss widened after correcting for a computer problem that caused an error in prior results.

Jacksonville, Fla. -- Stein Mart Inc. reported Friday that its third-quarter loss widened after correcting for a computer problem that caused an error in prior results.

The retailer posted a revised loss of $3.1 million for the quarter, instead of the $1.8 million loss previously reported. That loss compares to a profit of $4.3 million in the year-ago quarter.
 

December 14, 2011
Stein Mart gets delisting notice from Nasdaq

Stein Mart Inc. said that it has been put on notice by the Nasdaq exchange because it did not file its third-quarter results by the deadline.

Jacksonville, Fla. -- Stein Mart Inc. said Wednesday that it has been put on notice by the Nasdaq exchange because it did not file its third-quarter results by the deadline.

The retailer said it has been given 60 days to submit a plan to regain compliance, or it could be delisted from the Nasdaq exchange.

December 9, 2011
Stein Mart revises 3Q loss after inventory error

Jacksonville, Fla. -- Stein Mart Inc. on Thursday said it has had to revise its Q3 financial results, because it mishandled records related to a pending changeover in its electronic inventory system. The computer error led the retailer to miss recording permanent markdowns for the quarter ended Oct. 29.

The adjustment, which will reduce gross margin and inventory, will widen Stein Mart’s third-quarter loss by $1.3-$1.6 million. The retailer had reported a loss of $1.8 million for the period.

November 17, 2011
Stein Mart swings to loss in Q3

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.

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%.

January 11, 2009
Stein Mart Reducing Work Force

Stein Mart Inc. said Friday it is laying off more than 200 employees in an...

December 1, 2008
Stein Mart Names Chief

Stein Mart Inc. announced Tuesday it has appointed David H. Stovall, Jr. as president and...

April 30, 2008
Stein Mart Names Marketing/Advertising Exec

Stein Mart, Inc. announced Thursday that it has named Glori Katz senior VP, marketing and...