$SMRT (Stein Mart Inc.)

$SMRT {{ '2016-06-08T14:59:50+0000' | timeago}} • Announcement

Jacksonville, Florida-based $SMRT said it is revising its preliminary financial results for 1Q16 previously released on May 19, 2016. The company has increased SG&A expenses by $675,000 and decreased net income by $419,000 or $0.01 per diluted share. $SMRT's revised net income is now $13.3MM or $0.29 per diluted share.

$SMRT {{ '2017-05-17T20:30:36+0000' | timeago}} • Announcement

The apparel retailer $SMRT plans to open a total of 10 new stores and close around seven stores in 2017. If the current quarter sales trends continue in 2Q17, then loss per share is anticipated to be in the range of $0.20-0.25.

$SMRT {{ '2017-05-17T20:26:53+0000' | timeago}} • Announcement

$SMRT reported 72% decline in 1Q17 profit, mainly due to softer than planned store traffic and sales as well as higher stock compensation expense. Net income was $3.7MM, or $0.08 per share, compared to $13.3MM, or $0.29 per share in 1Q16. Net sales fell to $337.3MM, from $355.7MM during 1Q16. Comp sales fell 7.6%, primarily due to lower traffic.

$SMRT {{ '2017-03-08T17:21:25+0000' | timeago}} • Webcast

$SMRT described its 2016 performance as "truly disappointing." The company said it started 2016 with excitement of new strategies and expectations of increased traffic. The execution of initiatives in 2H16, and into some extent the initiatives itself, "was flawed," which contributed to sales and earnings declines, said the company.

$SMRT {{ '2017-03-08T13:26:11+0000' | timeago}} • Announcement

$SMRT expects to open 11 new stores, close 5 stores and relocate 1 store in FY17. The company expects CapEx to be approx. $32MM, or $29MM net of tenant improvement allowances.

$SMRT {{ '2017-03-08T13:23:21+0000' | timeago}} • Announcement

Apparel retailer $SMRT reported 4Q16 net loss of $4.9MM, or $0.11 per share, compared to net income of $6.3MM, or $0.13 per share in 4Q15. Total sales fell 2.2% YoY to $385.5MM. Comp sales during the quarter fell 5.5%.

$SMRT {{ '2017-01-27T13:08:15+0000' | timeago}} • Announcement

$SMRT announced the appointment of MaryAnne Morin as President with responsibility for merchandising and marketing. The company also announced that D. Hunt Hawkins, previously the company's Interim CEO, has been named CEO effective January 24, 2017.

$SMRT {{ '2016-11-17T19:17:08+0000' | timeago}} • Webcast

$SMRT stated that California and Texas areas performed well in 3Q16. But in the southeast region, Hurricane Matthew impacted about 20% of the company's stores.

$SMRT {{ '2016-11-17T19:09:12+0000' | timeago}} • Webcast

$SMRT plans to open five new stores and relocate one store in the spring. 2017 store plan also includes closing four underperforming stores at their natural lease expiration dates. Looking at 4Q16 and beyond, $SMRT will focus on merchandizing the assortment, reassessing its marketing media mix, and developing a better promotional strategy.

$SMRT {{ '2016-11-17T18:56:52+0000' | timeago}} • Webcast

$SMRT reported that comparable store sales through the end of September were down 4%. In October, Hurricane Matthew severely impacted sales for several days in the southeast coastal areas, resulting in store closures and a decline in traffic.

$SMRT {{ '2016-11-17T14:54:02+0000' | timeago}} • Announcement

$SMRT said its FY16 gross profits will fall due to higher markdowns in 3Q16 and deleveraging of occupancy costs. The company estimates SG&A expenses for the full year to be slightly lower than its previous estimate of $360MM.

$SMRT {{ '2016-11-17T14:50:29+0000' | timeago}} • Announcement

Upscale boutique-style men and women's department store chain $SMRT reported a wider net loss as costs and expenses rose. The company reported 3Q16 net loss of $11.0MM or $0.24 per share, compared to net loss of $0.2MM or $0.01 per share a year ago. Total sales decreased 0.4%.

$SMRT {{ '2016-09-29T12:16:49+0000' | timeago}} • Announcement

$SMRT said its CEO Dawn Robertson resigned. Hunt Hawkins, $SMRT's president and chief operating officer, has been named interim CEO. $SMRT also said its 3Q16 comps fell about 4% from the year-ago period. Sales results have improved somewhat in September after a challenging start and several missteps in August, the company said.

$SMRT {{ '2016-08-19T18:48:55+0000' | timeago}} • Webcast

Jeff Stein from Northcoast Research asks about the A List program and what it means. $SMRT said A List is another word for key items. They are great powerful key items that the company is going to carry for a longer period of time, that drive a lot of business. $SMRT has reinvented them because they are now fashion key items.

$SMRT {{ '2016-08-19T18:41:50+0000' | timeago}} • Webcast

$SMRT said it is now forecasting SG&A expenses for the full year to be approx. $360MM or $10MM lower than the $370MM previously estimated. $SMRT added that SG&A expenses are expected to be higher this fall compared to last year, with most of the increase in the third versus fourth quarter due to operating expenses associated with new stores.

$SMRT {{ '2016-08-19T18:37:06+0000' | timeago}} • Webcast

$SMRT said gross profit for 2Q16 was $89.4MM or 28% of sale which compares to $88.9MM or 28.5% of sales from 2Q15. The lower rate reflects higher markdowns due to lower-than-planned sales & higher occupancy costs. $SMRT continued to manage 2Q16 SG&A expenses tightly, even with additional OpEx associated with having 5% more stores than last year.

$SMRT {{ '2016-08-19T12:24:07+0000' | timeago}} • Announcement

$SMRT said the company had 283 stores at the end of 2Q16 compared to 269 a year ago. Pre-opening costs related to new and relocated stores were $0.3MM. The company also stated that it is opening eight new stores this fall for a total of 13 new stores in 2016 and are closing one store in Aug. and will have 290 stores at the end of 2016.

$SMRT {{ '2016-08-19T12:20:05+0000' | timeago}} • Announcement

$SMRT said that for FY16, the company continues to expect new stores to increase sales an estimated 4% above the comparable store sales results for the full year. Gross profit rate is expected to be 50 BP higher than in 2015 as the company return to more normal markdown levels in 4Q16. SG&A expense for FY16 is expected to be approx. $360MM.

$SMRT {{ '2016-08-19T12:18:11+0000' | timeago}} • Announcement

Apparel retailer $SMRT reported lower 2Q16 results hurt by higher expenses and lower operating income. $SMRT said net income fell 26.4% to $3.01MM, or $0.06 per share from $4.09MM, or $0.09 per share a year ago. Total sales for the quarter grew 2.62% to $319.76MM from $311.58MM, while comparable store sales fell 1.4%.

$SMRT {{ '2016-06-08T14:59:50+0000' | timeago}} • Announcement

Jacksonville, Florida-based $SMRT said it is revising its preliminary financial results for 1Q16 previously released on May 19, 2016. The company has increased SG&A expenses by $675,000 and decreased net income by $419,000 or $0.01 per diluted share. $SMRT's revised net income is now $13.3MM or $0.29 per diluted share.

$SMRT {{ '2016-05-19T14:46:04+0000' | timeago}} • Webcast

$SMRT said that it is reorganizing the regions and working on merchandising profiles for each section of its business. The company also plans to grow its underpenetrated e-commerce business. $SMRT said that higher CapEx in 1Q16 was due to new store openings.

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