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Stein Mart -8.9% as nine-week holiday sales fall 3.3%

Published 01/11/2019, 05:00 PM
Updated 01/11/2019, 05:00 PM
© Reuters.  Stein Mart -8.9% as nine-week holiday sales fall 3.3%
  • Stein Mart (NASDAQ:SMRT) has slid 8.9% in postmarket trading after posting November/December sales that fell 3.3% Y/Y.
  • Comparable-store sales for the nine-week period ended Jan. 5 fell 3.3% on a shifted basis, compared to a similar period ended Jan. 6. 2018.
  • That reflects lower store traffic that was partly offset by higher average unit retail and digital sales growth of 20%, the company says.
  • That's below company expectations, but “Notwithstanding our holiday sales, fiscal 2018 operating results will be significantly better than last year," says CEO Hunt Hawkins.
  • The company will provide Q4 and 2018 results after the close on March 13, with a conference call to come that day. It's also presenting at the 2019 ICR Conference on Monday at 3:30 p.m. ET.
  • Now read: Cato Has A Safe 9%+ Yield And + Per Share In Cash


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