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For the first nine months of 2019, net sales decreased 3.7 per cent to $882.7 million while comparable sales decreased 1.9 per cent to last year. Net sales were impacted by comparable sales results and fewer stores operating during the year. Omni sales increased 13 per cent over last year’s first nine months.
Gross profit for the third quarter of 2019 was $69.4 million or 25.1 per cent of sales compared to $69.8 million or 25 per cent of sales in 2018. For the first nine months, gross profit was $231.5 million or 26.2 per cent of sales in 2019 compared to $245.1 million or 26.7 per cent of sales in 2018.
The company had 283 stores at the end of the third quarter of 2019 compared to 288 at the end of the third quarter of 2018. It closed five stores during the first nine months of 2019.
“We saw a marked improvement in our sales trend in the third quarter. Comparable sales improved 250 basis points from the first half of the year to essentially flat, driven by incremental sales from the launch of our Kids department and a double-digit increase in omni sales,” said Hunt Hawkins, chief executive officer. “Our new fall initiatives are gaining traction and will continue to have a positive impact on our performance in the fourth quarter.”
For the fourth quarter of 2019, Stein Mart anticipates a flat to low single-digit increase in comparable sales impacted by its fall sales-driving initiatives. It expects the gross profit rate to be slightly lower than last year’s improved rate.
Stein Mart is a US specialty omni off-price retailer offering designer and name-brand fashion apparel for men, women and kids.
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