Stein Mart reducing home and gift departments
March 19, 2009,
Jacksonville, Fla. – Stein Mart is reducing its home, gifts and linens space allocations and merchandise assortments to accommodate better selling products.
For the fourth quarter ended January 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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