Crushing drop for Stein Mart after earnings

|About: Stein Mart, Inc. (SMRT)|By:, SA News Editor

Stein Mart (NASDAQ:SMRT) is down 38% after posting an alarming Q1 report.

"We continue to experience softer-than-planned store traffic and sales," says Stein Mart CEO Hunt Hawkins. "As a result, markdowns were significantly higher for the quarter despite our focus on inventory management," he adds.

Comparable sales fell 7.6% Y/Y during the quarter.

The company announced that it is suspending its quarterly dividend payout.

Shares of Stein Mart traded as low as $1.01 today, compared to its 52-week high of $9.23.

Previously: Stein Mart misses by $0.11, misses on revenue (May 17)