Stein Mart Improves Q3 Sales Results

Stein Mart said it saw omnichannel sales performance improvements in the third quarter, and the off-price retailer also narrowed its net loss.

Net loss for the third quarter ended November 2 was $12.1 million or $0.25 per diluted share for 2019 compared to a net loss of $16.3 million or $0.35 per diluted share for 2018. Operating loss for the third quarter was $9.6 million for 2019 compared to an operating loss of $13.1 million for 2018.

Net sales for the third quarter of 2019 were $276.1 million compared to $279 million for the third quarter of 2018. Net sales were impacted by fewer stores operating during the quarter. Comparable sales for the third quarter of 2019 decreased 0.1%. Omni sales, defined as all online sales regardless of fulfillment channel, increased 18% over last year’s third quarter.

“We saw a marked improvement in our sales trend in the third quarter. Comparable sales improved 250 basis points from the first half of the year to essentially flat, driven by incremental sales from the launch of our kids department and a double-digit increase in omni sales,” said Hunt Hawkins, CEO, Stein Mart. “Our new fall initiatives are gaining traction and will continue to have a positive impact on our performance in the fourth quarter.”