Stein Mart reports 3Q loss of $2.7M

JACKSONVILLE, Fla. Stein Mart today reported a net loss of $2.7 million or 6 cents per diluted share for its third quarter ended Nov. 3. This compares to net income of $237,000 or 1 cent per diluted share in 2006.

The company reported that net sales decreased 1.7% to $333.3 million for the quarter from $339.2 million for the same period last year. Comparable-store sales decreased 6.3% from last year's period. 

"We were unable to overcome a deteriorating macro environment, record warm temperatures, and a highly promotional competitive landscape that impacted our customer this fall," said Linda Farthing, president and ceo of Stein Mart. "Despite substantial markdowns and additional advertising, our offering failed to generate sufficient sales in the quarter and the resulting loss was extremely disappointing."

Stein Mart's management said it expects a comparable-stores sales decrease of approximately 10% for the current November month ending Dec. 1 and for comparable-store sales to decline approximately 10% for the fourth quarter.