Stein Mart Swings to Second-Quarter Profit

With a higher gross margin and lower inventories, Stein Mart reported a second quarter profit of $1.5 billion, or 4 cents per share, compared to a loss of 8.0 million, or 19 cents per share, in last year's second quarter.

Sales for the period ended Aug. 1 fell 7.7% to $287.5 million, while comps declined 4.5%. Gross margin rose to 26.2% from 23.8% in the year-ago period.

"The environment remains difficult, but I think we're growing accustomed to the diminished consumer appetite," said David Stovall, president and ceo, during last month's quarterly conference call.

Stein Mart doesn't anticipate consumers will change their shopping behavior in the near term and continues to plan conservatively, he added.

A new marketing plan launched in the second quarter is attracting some younger customers to the apparel department, the company said. Home "continues to underperform," he said.

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.

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HTT August 2017

See the August 2017 issue of Home & Textiles Today. In this issue, we look at the Top 50 Retailing Giants Report, plus Manufacturing: Made in the USA gaining ground; International: Portugal ramping up exports; New products: NY Now home textiles introductions; Outlook: Commentary from H&TT's editors; and Planning: Trade show calendar.

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