Stein Mart, Inc. (NASDAQ: SMRT) reported a 3.3% drop in its comparable stores sales for the nine-week period ended January 5, 2019 on a shifted basis. The Jacksonville-based Stein Mart says results reflect lower store traffic partially offset by higher average unit retail and digital sales growth of 20%.
According to CEO Hunt Hawkins, "Holiday sales were below our expectations, with traffic impacted by changes we made to our holiday marketing strategy. Notwithstanding our holiday sales, fiscal 2018 operating results will be significantly better than last year."
Stein Mart has a presentation planned for today at the 2019 ICR Conference in Orlando. The company plans to release its fourth quarter and fiscal 2018 financial results in mid-March.
Last reporting period, at the end of November, Stein Mart revealed an operating loss for the third quarter of $13.4 million for 2018 compared to an operating loss of $23.9 million for 2017.
Third-quarter 2018 results include advisory fees related to the extension of our credit agreements, as well as expenses and lower gross profit due to the impact of Hurricanes Florence and Michael.
Net loss for the third quarter of 2018 was $16.6 million or $0.36 per share compared to net loss of $14.6 million or $0.31 per share in 2017.
Stein Mart is a national specialty off-price retailer offering designer and name-brand fashion apparel, home décor, accessories and shoes at everyday discount prices. Stein Mart, its advertising states, "provides real value that customers will love every day both in stores and online. The Company currently operates 288 stores across 30 states."
Stein Mart shares dwindled 15 cents, or 12.1%, to $1.09
