Stein Mart Holiday Comps Decline

For the nine-week holiday selling season ended December 31, Stein Mart comparable store sales decreased 4.8% versus the period a year earlier.

Total sales decreased 1.9% compared to the 2015 period.

“Our sales in November and December were particularly difficult,” said Hunt Hawkins, Stein Mart interim CEO. “We have been aggressive with our promotions and markdowns to manage our inventory levels. This has impacted our gross profit rate and, as a result, we are now expecting to report a loss for the fourth quarter but will be profitable for the year.”