Stein Mart Reports November/December Sales
January 11 2019 - 4:10PM
Stein Mart, Inc. (NASDAQ: SMRT) today reported that its comparable
stores sales for the nine-week period ended January 5, 2019
decreased 3.3 percent on a shifted basis, which compares to the
nine-week period ended January 6, 2018. Results reflect lower store
traffic partially offset by higher average unit retail and digital
sales growth of 20 percent.
“Holiday sales were below our expectations, with traffic
impacted by changes we made to our holiday marketing strategy,”
said Hunt Hawkins, Chief Executive Officer. “Notwithstanding our
holiday sales, fiscal 2018 operating results will be significantly
better than last year.”
ICR ConferenceStein Mart will be presenting at
the 2019 ICR Conference being held at the Grande Lakes Hotel and
Resort in Orlando, FL on Monday, January 14, 2019 at 3:30 p.m. EST.
The audio portion of the presentation will be webcast live and
available for 90 days through the Investor Relations website at
http://ir.steinmart.com.
Fourth Quarter Earnings AnnouncementStein Mart
plans to release its fourth quarter and fiscal 2018 financial
results after the U.S. financial markets close on Wednesday, March
13, 2019 and will also host a conference call to discuss results
and operations on the same day. Details for the conference call
will be announced at a later time.
About Stein MartStein Mart, Inc. is a national
specialty off-price retailer offering designer and name-brand
fashion apparel, home décor, accessories and shoes at everyday
discount prices. Stein Mart provides real value that customers will
love every day both in stores and online. The Company currently
operates 288 stores across 30 states. For more information, please
visit www.steinmart.com.
Cautionary Statement Regarding Forward-Looking
Statements Except for historical
information contained herein, the statements in this release may be
forward-looking and are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. The
Company does not assume any obligation to update or revise any
forward-looking statements even if experience or future changes
make it clear that projected results expressed or implied will not
be realized. Forward-looking statements involve known and unknown
risks and uncertainties that may cause Stein Mart’s actual results
in future periods to differ materially from forecasted or expected
results. Those risks include, without limitation: dependence on our
ability to purchase merchandise at competitive terms through
relationships with our vendors and their factors, consumer
sensitivity to economic conditions, competition in the retail
industry, changes in fashion trends and consumer preferences,
ability to implement our strategic plans to sustain profitable
growth, effectiveness of advertising and marketing, capital
availability and debt levels, dividend impact on stock price,
ability to negotiate acceptable lease terms with current and
potential landlords, ability to successfully implement strategies
to exit under-performing stores, extreme and/or unseasonable
weather conditions, adequate sources of merchandise at acceptable
prices, dependence on certain key personnel and ability to attract
and retain qualified employees, impacts of seasonality, increases
in the cost of compensation and employee benefits, disruption of
the Company’s distribution process, dependence on imported
merchandise, information technology failures, data security
breaches, single supplier for shoe department, single provider for
ecommerce website, acts of terrorism, ability to adapt to new
regulatory compliance and disclosure obligations, material
weaknesses in internal control over financial reporting and other
risks and uncertainties described in the Company’s filings with the
SEC.
For more information:Linda L. TasseffDirector, Investor
Relations(904) 858-2639ltasseff@steinmart.com
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