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News Flash
Stein Mart gross profit decline in Q2
21 Aug '08
4 min read
"We took aggressive markdowns in the second quarter to drive customer traffic and achieve our goal of keeping inventory levels in line with the sales trend," noted Linda M. Farthing, president and chief executive officer of Stein Mart.
"These lowered inventory levels, which we expect to continue, should give us a cleaner platform to present fresh fashion going forward."
Other news:
The Company continues to work on several initiatives designed to increase sales; motivate existing customers and attract new ones; reduce expenses; and provide a stronger, in-store message of fashion and value. A new marketing campaign will debut in the third quarter, as will a new store signage package.
"We remain focused on what we can control in this uncertain environment, and we believe our investments related to expense reductions should begin to benefit us in the fall season and into 2009," Farthing continued.
Store network update:
No new stores were opened and one store closed in the second quarter, resulting in 283 stores in operation at August 2, 2008 as compared to 270 at the same time last year.
One new store and one relocated store will open in the third quarter, completing the store-opening program for 2008. The Company now expects to close nine additional stores by the end of fiscal 2008, which would result in a year-end store count of 276.
"These lowered inventory levels, which we expect to continue, should give us a cleaner platform to present fresh fashion going forward."
Other news:
The Company continues to work on several initiatives designed to increase sales; motivate existing customers and attract new ones; reduce expenses; and provide a stronger, in-store message of fashion and value. A new marketing campaign will debut in the third quarter, as will a new store signage package.
"We remain focused on what we can control in this uncertain environment, and we believe our investments related to expense reductions should begin to benefit us in the fall season and into 2009," Farthing continued.
Store network update:
No new stores were opened and one store closed in the second quarter, resulting in 283 stores in operation at August 2, 2008 as compared to 270 at the same time last year.
One new store and one relocated store will open in the third quarter, completing the store-opening program for 2008. The Company now expects to close nine additional stores by the end of fiscal 2008, which would result in a year-end store count of 276.
Stein Mart Inc
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