Stein Mart profits fall almost 87% in first quarter
May 23, 2003,
Jacksonville, Fl — Pressured by falling sales, thinning margins and rising costs, first-quarter profits at off-price retailer Stein Mart Inc. dropped off by 86.7 percent, to $1.5 million from $11.4 million a year ago.
Sales fell by 7.1 percent, to $330.6 million from $356.0 million last year. The crucial gauge of same-store sales fell by 9.3 percent.
Hurt by falling sales, operating costs jumped up by 280 basis points, or 2.8 percentage points, to 25.6 percent of sales from 22.8 percent a year ago. Measured in absolute dollars, costs increased by 4.0 percent$84.5 million from $81.3 million.
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