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Stein Mart's Sales, Profit Fall

JACKSONVILLE, FL-Same-store sales at the mass-merchandise retailer fall 4.4%, and net sales dropped 4% during the company's Q4.

By Ian Ritter | Updated on March 16, 2006

JACKSONVILLE, FL-Stein Mart’s sales and earnings fell during its fourth quarter, due to a lack of new merchandise and a late spring apparel transition, said executives during their earnings call. Year-over-year same-store sales fell 4.4% during the period, which ended Jan. 28, and net sales dropped 4%, to $444.9 million.

Earnings also fell, coming in at $21.1 million, compared to $22.8 million during the previous year’s Q4. However, earnings were better than expected due to the retailer’s inventory shrinkage program and insurance gained from losses during the past year’s hurricane season.

This year’s first quarter is also expected to be “less robust than last year’s,” says Michael Fisher, the company’s president and chief executive officer. Management is predicting a 1% to 2% same-store sales drop for the period; however, a gain of 3% is forecast for the entire year.

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