Stein Mart, Inc. Reports November/December Sales
January 06 2017 - 07:30AM
Stein Mart, Inc. (NASDAQ:SMRT) today announced that its comparable
store sales for the nine-week period ended December 31, 2016
decreased 4.8 percent and total sales decreased 1.9 percent
compared to the same period last year.
“Our sales in November and December were particularly
difficult,” said Hunt Hawkins, Interim Chief Executive Officer. “We
have been aggressive with our promotions and markdowns to manage
our inventory levels. This has impacted our gross profit rate and,
as a result, we are now expecting to report a loss for the fourth
quarter but will be profitable for the year.”
Stein Mart is scheduled to report fourth quarter sales and
earnings prior to the opening of the U.S. financial markets on
Thursday, March 9, 2017.
ICR
Conference
Stein Mart, Inc. also announced today that it will be presenting at
the 2017 ICR Conference being held at the Grande Lakes Resort in
Orlando, FL on Tuesday, January 10, 2017 at 11:00 a.m. Eastern
Time. The audio portion of the presentation will be webcast live
through Stein Mart’s investor relations website
http://ir.steinmart.com. The webcast and presentation materials can
be found under “Events & Presentations”. An archive of the
presentation will remain available for 30 days after the live
event.
About Stein MartStein Mart, Inc. (NASDAQ:SMRT) is a national
retailer offering designer and name-brand fashion, accessories and
home decor at everyday discount prices. Stein Mart provides real
value that customers will love every day both in stores and online.
The Company currently operates 290 stores across 31 states. Stein
Mart is adding new modern brands to its stores to offer
discriminating shoppers even more of the fashion and savings they
want. For more information, please visit www.steinmart.com.
SMRT-F
For more information:
Linda Tasseff
Director, Investor Relations
(904) 858-2639
ltasseff@steinmart.com
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