Comparable sales benefitted by ~150 bps from the shift of a 12-Hour Sale event from the second quarter to the first.
Where comparable sales for Q2 decreased 3.6%, or decreased 1.9% on an adj. basis.
Gross profit rate for Q2 was flat to last year’s significantly improved rate of 25.5% of sales.
Debt decreased $36.8M to $138.5M and unused availability under our credit facility increased $18.6M to $61.9M.
The company had 283 stores at the end of Q2 and closed 4 stores during the first half of 2019, which completes store plans for the year.
“With our fall sales-driving initiatives beginning to roll out this month, we believe our comp sales trend will improve in the second half.” said Hunt Hawkins, CEO.
Previously: Stein Mart reports Q2 results (Aug. 21 2019)
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