Stein Mart Profits Fall in Q2

by MR Magazine Staff

JACKSONVILLE, Fla. – Second quarter earnings for retailer Stein Mart were down to $2.2 million (five cents per share) from $8.3 million (19 cents per share) in the same quarter last year. Net sales dropped as well – 1.7 percent – from $336.3 million last year to $330.7 million. Same store sales dropped 1.2 percent.

The company expects same store sales to continue falling in the third quarter. It expects a loss of three to six cents per share next quarter.

Stein Mart, a retailer with about 270 stores in 30 states, describes itself as a better specialty store with lower prices.