Fashion leading utility at Stein Mart
November 16, 2006,
Jacksonville,Fla.– Stein Mart is enjoying a positive reaction to its evolving home department, and is expecting strong activity from its designer Nina by NinaCampbellline, the 268-unit retailer reported during its third-quarter earnings call today.
Today, approximately 25% of the mid-level retailer’s inventory is allocated to its home areas, which Michael Fisher, president and ceo, noted were “substantially under-inventoried last third quarter as we cleared goods in anticipation of the re-launch of home.”
The retailer saw third-quarter earnings slashed by 83% to $237,000 from $1.4 million for the same period one year ago. Net sales were $339.2 million, up 0.8% from $336.5 last year. Comp sales were flat at 0.2%.
“While comparable sales growth is not yet meeting our expectations, we are beginning to see improved profitability associated with recent merchandise reallocations,” said Fisher, pointing to home as a key component of the new mix.
For the holiday selling season, which kicks off prior to Thanksgiving weekend, Stein Mart will “stage” its Nina by Nina Campbell line, among other offerings like kids’ gifts, wine sets and holiday barware, for “strong response,” Moll continued.
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