Stein Mart (SMRT) November/December Comps Fall 4.8%

Stein Mart, Inc. (NASDAQ: SMRT) today 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. “We have been aggressive with our promotions and markdowns to manage our inventory levels. This has impacted our gross profit rate and, as a result, we are now expecting 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.

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