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Stein Mart swings to loss in Q3
Jacksonville, Fla. -- Stein Mart Inc. reported Thursday that it moved to a loss in the quarter ended Oct. 29, recording a loss of $1.8 million compared with a profit of $4.3 million a year earlier.
Gross profit margin fell to 23.8% from 25.4%, due mainly to increased markdowns and higher buying costs.
Revenue dropped 4% to $258.5 million from $267.9 million, a consistent trend since 2007. Same-store sales fell 2.9%.
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BDO USA: Retailers forecast small uptick on Black Friday, Cyber Monday
Chicago -- According to a BDO USA survey of 100 CMOs at leading U.S. retailers, just 27% expect to see an increase in Black Friday sales, down from 38% in 2010.
Similarly, only 24% project an increase in Cyber Monday sales, with the vast majority (74%) expecting flat sales. Overall, CMOs project a 1.6% increase in Black Friday sales (down from 3.8% in 2010) and a 2.5% increase in Cyber Monday sales.