Stein Mart Revises 3Q, YTD Results
January 28, 2012,
The additional markdowns reduced gross margin and inventory by $2.2 million from what was reported previously for the third quarter, while understated markdowns in the second quarter were not material, the company stated.
As a result, net loss for the quarter was actually $3.1 million, or 7 cents per share. For the first nine months, revised net income came to $14.1 million, or 31 cents per share.
Gross profit for the quarter, revised for the higher markdowns, was $59.3 million or 22.9% of net sales. Year-to-date revised gross profit was $214.5 million, or 25.8% of net sales.