Stein Mart November/December Comps. Down 4.8%; Sees Q4 Loss, But Profit In FY

(RTTNews) - Stein Mart Inc. (SMRT) announced that its comparable store sales for the nine-week period ended December 31, 2016 decreased 4.8 percent and total sales decreased 1.9 percent compared to the same period last year.

"Our sales in November and December were particularly difficult," said Hunt Hawkins, Interim Chief Executive Officer.

The company said it has been aggressive with its promotions and markdowns to manage itsinventory levels. This has impacted its gross profit rate and, as a result, it expects to report a loss for the fourth quarter but will be profitable for the year.

Stein Mart is scheduled to report fourth quarter sales and earnings prior to the opening of the U.S. financial markets on Thursday, March 9, 2017.