Off-price retailer Stein Mart’s comp sales declined in the fourth quarter, although the company continued to improve its operating results.
Stein Mart’s comparable sales for the November/December holiday period declined, although the company did see sales growth in its e-commerce business.
Stein Mart has appointed James Brown as executive vice president and chief financial officer, effective December 17.
Stein Mart posted mixed results in its third quarter ended November 3, as the off-price retailer posted a comp increase on lower sales and a slightly higher net loss.
Stein Mart’s chief financial officer, Gregory Kleffner, plans to retire from the company next spring.
Stein Mart will open two new Chicago area store locations on October 11.
Stein Mart has extended and amended its existing revolving credit agreement with Wells Fargo Bank and its term loan agreement with Gordon Brothers Finance Company.
Stein Mart improved its second quarter performance, as the off-price retailer continued to hold the line on expenses and narrow its net loss.
Stein Mart improved its financial performance for the first quarter ended May 5 and raised its first half 2018 outlook.
Stein Mart narrowed its net loss in the fourth quarter, as the retailer asserted that its performance initiatives were gaining ground.
Stein Mart said it has formed a special committee appointed by its board of directors to explore strategic alternatives due to what it termed a challenging retail environment.
Stein Mart posted a deeper third quarter net loss, with a comp sales decline amid the hurricanes that impacted parts of the country.
Stein Mart has instituted a cost reduction plan to control costs and streamline its business in what it called a challenging retail environment.
Stein Mart struggled in the second quarter, posting a sales decline and a net loss.
Stein Mart will open five new stores this fall to complete its 2017 store plan to open a total of 10 new stores this year.
Stein Mart saw its comps slide in a soft first quarter.
For the fourth quarter ended January 28, Stein Mart posted a net loss of $4.9 million, or 11 cents per diluted share, versus net income of $6.3 million, or 13 cents per diluted share, in the year-earlier quarter.
Stein Mart is opening five new stores this spring, the first phase of its 2017 store plan to open a total of 11 new locations.
Stein Mart has named MaryAnne Morin president with responsibility for merchandising and marketing. The company also announced that D. Hunt Hawkins, who was its interim CEO, has been appointed CEO.
For the nine-week holiday selling season ended December 31, Stein Mart comparable store sales decreased 4.8% versus the period a year earlier.