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Stein Mart operating income down to $0.2 mn for Q2 2019

Sep '19
Pic: Stein Mart
Pic: Stein Mart
Stein Mart, a specialty off-price retailer offering designer and fashion apparel, home décor, etc, has recorded an operating income of $0.2 million for Q2 2019 ending August 3, 2019, compared to $2 million for Q2 2018. Net loss for Q2 was $2.1 million or $0.04 per diluted share for 2019 compared to net loss of $1 million or $0.02 per diluted share for 2018.

Net sales for the second quarter of 2019 were $292.4 million compared to $310.9 million for the second quarter of 2018. Net sales were impacted by comparable sales results, including the event shift, and fewer stores operating during the quarter. Comparable sales for the second quarter of 2019 decreased 3.6 per cent, or decreased 1.9 percent on an adjusted basis. Digital sales increased 7 per cent over last year's second quarter, said the company in a press release.

For the first six months of 2019, net sales decreased 4.9 per cent to $606.5 million while comparable sales decreased 2.6 per cent to last year. Net sales were impacted by comparable sales results and fewer stores operating during the year. Digital sales increased 11 per cent over last year’s first half.

"After a slow start to the quarter caused by the event shift and soft selling, comp sales stabilised in the combined June/July period to essentially flat," said Hunt Hawkins, chief executive officer. "With our fall sales-driving initiatives beginning to roll out this month, we believe our comp sales trend will improve in the second half."                                         

Stein Mart will be launching its new Kids department and Buy Online, Pick Up in Store service. The company will also début a Fine Jewelry product line by October. These and other initiatives are expected to drive incremental sales and store traffic beginning this fall. (PC)

Fibre2Fashion News Desk – India

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