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Stein Mart Q4 income down, to focus on everyday low-pricing strategy
Jacksonville, Fla. -- Stein Mart Inc. reported Thursday that its net income fell to $5.7 million for the fiscal fourth quarter, down from $18.8 million last year. The chain said it was returning to its strategy of emphasizing everyday low prices after heavy coupon promotions took a toll on the retailer's financial performance during the past year.
Revenue for the quarter ended Jan. 28 was down nearly 3% to $328.1 million, from $336.7 million. Same-store sales were down 2.2%.
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Men’s Wearhouse narrows Q4 loss
Houston -- The Men's Wearhouse reported a net loss of $3.8 million for the quarter that ended Jan. 28, compared with a net loss of $14.1 million a year earlier, as it cut costs and increased prices.
The results beat forecasts, and the company said it expects 2012 income to be higher than expectations.
Revenue was $562.2 million, up from $542.1 million.