Stein Mart misses by $0.08, beats on revs; comparable store sales -5%
- Reports Q2 (Jul) loss of $0.28 per share, $0.08 worse than the single analyst estimate of ($0.20); revenues fell 2.7% year/year to $311.03 mln vs the $303.97 mln single analyst estimate.
- Average store inventories 15 percent lower than last year's second quarter.
- Comparable store sales decreased 5.0 percent
- Ecommerce sales were up 41 percent over last year's second quarter.
- Had 292 stores at the end of the second quarter compared to 283 at the end of the second quarter last year.
- No stores were opened or closed during the second quarter.
- Now expecting to open a total of 10 new stores and close six stores in 2017.
- "Our second quarter sales trends improved from the first quarter and were strongest in July as we more aggressively priced our clearance merchandise," said Hunt Hawkins, Chief Executive Officer. "We are very pleased with the progress we made on our inventory management initiatives that resulted in 15 percent lower average store inventories at the end of the quarter. It is important that our inventories are in a very good position and well-balanced going into the fall season."
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