Seeking Alpha

Stein Mart slides 20.1% post Q2 results

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

Stein Mart (SMRT -20.1%) reports Q2 revenue decreased 5.9% Y/Y to $292.4M.

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)

Subscribe for full text news in your inbox