Stein Mart reports FY19 sales of $1.22 bn

16 Mar '20

2 min read

Pic: Stein Mart

Stein Mart, a specialty omni off-price retailer offering designer fashion apparel, reported its net sales dropped 3 per cent to $1.22 billion in FY19 ended on February 1, 2020 compared to $1.26 billion in prior year. Net sales in Q4 FY19 impacted by fewer stores in the quarter slipped to $336.6 million from $340.8 million in same period prior year.

For the year, gross profit was $318.2 million or 26.1 per cent of sales in FY19 compared to $337.5 million or 26.8 per cent of sales in FY18. Gross profit in Q4 FY19 was $86.7 million or 25.8 per cent of sales compared to $92.4 million or 27.1 per cent of sales in 2018.

For the year, selling, general and administrative (SG&A) expenses were $336.1 million compared to $348.2 million in 2018. The decrease in SG&A expenses includes lower store related expenses including the impact of closed stores, lower incentive-based compensation expense, lower impairment charges, as company reported. SG&A expenses for the fourth quarter were $88.2 million in FY19 compared to $90.2 million in same period prior year.

Operating income reported a loss of $704 million in FY19 compared to profit of $4,686 million in prior year. Operating income in Q4 FY19 decreased to $2,172 million compared to $5,907 million in same period prior year.

Fibre2Fashion News Desk (JL)

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