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A rough third quarter for Stein Mart
Stein Mart reported negative same-store sales growth on the same day that the company also lost its chief merchant to an off-price rival.
For the third quarter ended Oct. 31, Stein Mart comps fell 2.3%.
"Unseasonably warm weather impacted traffic and our sales during the third quarter," said Jay Stein, CEO. "We continue to have a positive outlook on our important fourth quarter holiday sales which will include incremental sales from six new stores opened through the third quarter plus four more new stores opening in November."
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U.S. leads the world in retail shrink
Dishonest employees and shoplifters pushed shrink rates to record levels and earned the United States the distinction of leading the world in the least desirable of retail metrics.
According to retailers surveyed for the Global Retail Theft Barometer, shrink rose in the U.S. from 1.28% of sales in 2013-2014 to 1.97% during 2014-2015. Globally, this compares to 1.42% , a figure also up from the previous .94% average of all common retailers surveyed the previous year.

