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Stein Mart posts Q1 FY20 sales of $134 mn
02 Jul 20 2 min read
Stein Mart, a specialty omni off-price retailer offering designer fashion apparel, reported its net sales were down to $134.2 million in first quarter (Q1) FY20, ended on May 2, 2020 compared to sales of $314.1 million in same period prior year. Company incurred a net loss during the quarter of $65.7 million compared to income of $3.9 million in Q1 FY19.
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"As our stores re-opened, we have seen traffic steadily increase and omnichannel sales remain strong. However, while sales are exceeding our expectations, they continue to be down to last year and we expect it will take some time for them to fully recover,” Hunt Hawkins, chief executive officer, said in a press release.
Gross profit for the first quarter FY20 registered a loss of $10.0 million compared to profit of $87.5 million in Q1 FY19. Selling, general and administrative fell to $68.3 million (Q1 FY19: $86.1 million).
“Although we are facing a period of uncertainty regarding the continued impacts of Covid-19, we have charted a path forward to proactively address these near-term challenges and preserve our business. While these challenges are significant, they are not insurmountable but will require much from our teams, as well as the continued support of our external partners,” Hawkins said.
Fibre2Fashion News Desk (JL)
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