Stein Mart Reducing Home, Gift Lines
March 23, 2009,
Stein Mart is continuing to cut back on its home, gifts and linens space allocations and merchandise assortments, in order to accommodate better-selling products.
For the fourth quarter ended Jan. 31, Stein Mart recorded a net loss of $56.2 million or $1.35 per diluted share, broadened from the loss of $12.1 million or 30 cents EPS in the same period one year ago.
Full year results: a net loss of $71.3 million or $1.72 EPS, vs. the loss of $4.5 million or 11 cents EPS in 2007. The results include $25.4 million, or 85 cents per share, in charges for asset impairment, store closings and a Q4 non-cash valuation allowance for deferred tax assets.
Quarterly sales of $363.9 million fell 12.8%, with a 12.0% comp drop; full year sales of $1.33 billion were down 9.0% on a 10.9% same-store sales decrease.
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