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Stein Mart Revises 3Q, YTD Results

Stein Mart on Dec. 23 offered revised third-quarter and year-to-date results, saying issues with its information technology systems caused markdowns to be understated in earnings the retailer reported Nov. 17.
     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.