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Stein Mart can't keep up momentum
Stein Mart says warm weather is to blame for its lackluster performance in the third quarter as the company makes plans to increase promotions to improve its top-line growth.
The off-price retailer said that for the third quarter ended Oct. 31, same-store sales fell 2.3%. Total sales also dropped 1% to $300.7 million during the same time period. Profits dipped to $82.2 million, or 27.3% of sales compared to $84.6 million or 27.8% of sales during the same time period in 2014.
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The Bon-Ton poised for cost-cutting
The Bon-Ton says it is focusing on reducing expenses after a third quarter in which the retailer tripled its net loss and decreased same-store sales.
For the quarter ended Oct. 31, the Pa.-based retailer had a net loss of $34 million ($1.72 a share), compared to a net loss of $11 million (57 cents a share) in the 2014 quarter. Revenue totaled $623.4 million, down from $642.7 million in third quarter 2014. Same-store sales declined 2.6%.

