Stein Mart Q1 Profit Declines - Quick Facts

(RTTNews) - Stein Mart, Inc. (SMRT), an off-price retailer, on Wednesday reported a 45.8 percent decline in profit for the first quarter from last year, reflecting lower sales. Comparable sales for the quarter decreased 1.7 percent.

Net income for the first quarter of 2019 decreased to $3.97 million or $0.08 per share from $7.33 million or $0.16 per share in the year-ago period.

Adjusted earnings before interest, income taxes, depreciation and amortization or adjusted EBITDA for the quarter were $13.87 million, compared to $18.43 million in the same period last year.

Net sales for the quarter declined to $314.16 million from $326.61 million in the year-ago period. Net sales were impacted by comparable sales results and fewer stores operating during the quarter.

Comparable sales decreased 1.7 percent during the first quarter due to lower store traffic and average unit retail, partially offset by higher units per transaction. Digital sales increased 14 percent in the quarter.

Looking ahead, Hunt Hawkins, Chief Executive Officer of Stein Mart said, "With the event shift and slow selling thus far in May, we expect headwinds to impact the second quarter. Looking forward, with our 2019 sales-driving initiatives rolling out this fall, we believe that our comp sales trends and results will improve in the second half."