Home / Knowledge / News / Fashion / Stein Mart reports Q4 & FY 07 financial results
Stein Mart reports Q4 & FY 07 financial results
21
Mar '08
Stein Mart Inc announced financial results for its fourth quarter and fiscal year ended February 2, 2008. The Company's fiscal 2007 was a 52-week year; the Company's fiscal 2006 was a 53-week year ending February 3, 2007.

For the fourth quarter of 2007, the Company incurred a net loss of $(12.1) million or $(0.30) per diluted share as compared to net income of $21.1 million or $0.48 per diluted share in 2006.

As previously reported, for the 13 weeks ended February 2, 2008, sales decreased 9.4 percent to $417.4 million from the $461.0 million for the 14 weeks ended February 3, 2007. Excluding the extra week in last year's fourth quarter, sales decreased 3.3 percent.

Comparable store sales for the 13 weeks ended February 2, 2008 decreased 6.2 percent from the 13 weeks ended February 3, 2007.

Gross profit decreased to $84.1 million or 20.1 percent of net sales from $135.5 million or 29.4 percent of net sales. The gross profit rate decreased primarily due to significantly higher markdowns and increased occupancy costs, slightly offset by improved markup.

Selling, general and administrative (SG&A) expenses were $106.2 million or 25.4 percent of net sales as compared to $108.7 million or 23.6 percent of net sales during the prior year's fourth quarter.

The SG&A rate was higher due to a lack of leverage on decreased sales. Store closing and asset impairment charges of $4.7 million and $1.3 million were recorded in the fourth quarter of 2007 and 2006, respectively.

"The steep decline in business last fall required us to take an exceptional amount of markdowns in the fourth quarter to move seasonal merchandise," noted president and chief executive officer Linda M. Farthing.

"Although very costly, it did allow us to reduce our overall
inventory to levels more appropriate for this uncertain retailing climate."

For the fiscal year 2007, the Company incurred a net loss of $(4.5) million or $(0.11) per diluted share, as compared to net income of $37.2 million or $0.85 per diluted share in 2006.

As previously reported, for the 52 weeks ended February 2, 2008, net sales totaled $1.46 billion, a 2.9 percent decrease from the $1.50 billion in net sales for the 53 weeks ended February 3, 2007.


Must ReadView All

Trump signs revised free trade agreement with S Korea

Textiles | On 25th Sep 2018

Trump signs revised free trade agreement with S Korea

President Donald Trump signed a revised free trade agreement with...

L-R: Jonathan Akeroyd, Donatella Versace, John D Idol. Courtesy: Rahi Rezvani

Fashion | On 25th Sep 2018

Michael Kors to acquire Versace; to be renamed Capri

Michael Kors Holdings Limited, a global fashion luxury group, has...

'India can take up lack of capacity in US, China markets'

Textiles | On 25th Sep 2018

'India can take up lack of capacity in US, China markets'

India can now take up the lack of capacity in the US and Chinese...

Interviews View All

Akash Khetan, Narayan Tex Fab

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Headhonchos, Indian textile value chain

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli, Epson, For.Tex & F.lli Robustelli

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Lucilla Booyzen,

Lucilla Booyzen

South African Fashion Week (SAFW) is a B2B marketing platform for fashion, ...

Nitesh Mittal,

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Vikas Banduke,

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Isabel Herranz, European School of Business & innovation

Isabel Herranz
European School of Business & innovation

Cutting-edge ideas like the Internet of Things and artificial intelligence ...

Matthew Kolmes, Supreme Corporation

Matthew Kolmes
Supreme Corporation

Supreme Corporation manufactures innovative specialty yarns and safety...

Ayyappa Nagubandi, Broadcast Wearables Pvt Ltd

Ayyappa Nagubandi
Broadcast Wearables Pvt Ltd

Hyderabad-based Broadcast Wearables has come up with the country's first...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

Nisha Chanda, Whistling Woods International School of Fashion

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search