Stein Mart returning to EDLP

Jacksonville, Fla. --- Stein Mart's net earnings dropped more than 50% for the fourth quarter and fiscal year 2011, the company reported today.

Net income for the fourth quarter ended Jan. 28 dropped 69.7% to $5.7 million, or 13 cents per diluted share, compared with $18.8 million, or 42 cents per diluted share during the same period in 2011. For the year, net income was $19.8 million or 44 cents per diluted share compared to net income of $48.8 million or $1.08 per diluted share in 2010.

During this morning's earnings conference call, Greg Kleffner, chief financial officer, said that home was a weaker performing category this quarter but the retailer is "excited about new home product arriving this spring."

Sales results drove our fourth quarter and full year bottom line lower than last year. While we were disappointed, we are determined to return to the everyday low prices that built this company," said Jay Stein, interim chief executive officer .

Stein added that the retailer's reliance on coupons will soon become a thing of the past. Stein noted that the couponing had "[gotten] out of hand" in the last 18 months and the retailer would be scaling it back by 50% and focusing on everyday low pricing.

Stein also shared that the search for a ceo is ongoing and he has been active in vetting and interviewing potential candidates.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!