Stein Mart (SMRT) Misses Q4 EPS by 6c

Stein Mart (NASDAQ: SMRT) reported Q4 EPS of ($0.11), $0.06 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $385.5 million versus the consensus estimate of $387.32 million.

"Our fourth quarter results were disappointing as we continued to work through higher than desired inventory levels and the impact of changes to marketing, merchandising and promotions implemented during the third quarter. We were aggressive with our promotions and markdowns to clear fall merchandise which severely impacted the quarter’s gross profit rate and earnings,” said Hunt Hawkins, Chief Executive Officer.

“With our new executive leadership now in place, 2017 will be a year of transition as we refine and organize around our strategies. Lessons learned from last year have us keenly focused on changes we need to make to our business to significantly improve management of our inventories and increase sales productivity. Everything we do will be aimed at our loyal customer and support our brand and value messaging in this continuing difficult retail environment.”

For earnings history and earnings-related data on Stein Mart (SMRT) click here.

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