Interviews
News Flash
Stein Mart reports Q1 financial results
23 May '08
3 min read
"While we have had some individual event success, the persistent trend of decreased sales absent promotional drivers is troubling, and we remain concerned about the consumer's cautious mindset as we look out at the rest of the year."
Farthing went on to say, "If these sales trends persist, we will have to take steeper markdowns in the second quarter in order to reach our goal of keeping inventories current. And while we were able to reduce expenditures in the first quarter, there will be less opportunity for savings in the second quarter."
Other news:
The Company continues to work on initiatives related to merchandising, expense control, inventory management and the in-store experience. A greater proportion of recognizable brands in the store and more opportunistic purchases are appearing on the sales floor.
The reduction of SG&A expenses continues to be a priority, with a focus on non-merchandise procurement and other indirect spend categories.
Using tools like a stronger customer relationship management program, strategies are being developed to deliver a stronger value message to potential and returning customers.
Store network:
During the first quarter of 2008, five new stores (Westboro, MA; Phoenix, AZ; Indianapolis, IN; and Franklin Park and Holmdel, NJ) were opened and one was closed. At May 3, 2008, there were 284 stores in operation as compared to 270 at the same time last year.
Conference Call:
Management will hold a conference call for investment analysts at 10 a.m. ET this morning to discuss these results. The call may be heard on the investor relations portion of the Company's website. A replay of the presentation will be available on the website until May 30, 2008.
Farthing went on to say, "If these sales trends persist, we will have to take steeper markdowns in the second quarter in order to reach our goal of keeping inventories current. And while we were able to reduce expenditures in the first quarter, there will be less opportunity for savings in the second quarter."
Other news:
The Company continues to work on initiatives related to merchandising, expense control, inventory management and the in-store experience. A greater proportion of recognizable brands in the store and more opportunistic purchases are appearing on the sales floor.
The reduction of SG&A expenses continues to be a priority, with a focus on non-merchandise procurement and other indirect spend categories.
Using tools like a stronger customer relationship management program, strategies are being developed to deliver a stronger value message to potential and returning customers.
Store network:
During the first quarter of 2008, five new stores (Westboro, MA; Phoenix, AZ; Indianapolis, IN; and Franklin Park and Holmdel, NJ) were opened and one was closed. At May 3, 2008, there were 284 stores in operation as compared to 270 at the same time last year.
Conference Call:
Management will hold a conference call for investment analysts at 10 a.m. ET this morning to discuss these results. The call may be heard on the investor relations portion of the Company's website. A replay of the presentation will be available on the website until May 30, 2008.
Stein Mart Inc
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