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Stein Mart -10% after soft sales report

Published 08/17/2017, 09:00 AM
© Reuters.  Stein Mart -10% after soft sales report
SMRTQ
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  • Shares of Stein Mart (NASDAQ:SMRT) slump after the company reports a 5% drop in comparable sales during Q2 and misses on both lines of its report.
  • CEO assessment: "We will continue to operate our business with lean store inventories and tight expense control this fall while putting into place new merchandising and marketing strategies that include the launch of a new advertising campaign in September. We expect our lower inventories will give us better margins from lower markdowns primarily in the fourth quarter."
  • Previously: Stein Mart EPS of -$0.28 (Aug. 16)
  • Previously: Comp sales fall 5% at Stein Mart; shares down 20% (Aug. 16)
  • SMRT -10.40% premarket to $1.12 vs. a 52-week trading range of $1.00 to $9.01.
  • Now read: Michael Kors: Is The Jimmy Choo Acquisition A Promise Of Future Success?


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