Stein Mart Inc. endured a “choppy” second quarter in which it reported higher sales and lower earnings that each fell short of analysts’ expectations.
The Jacksonville, Fla.–based value retailer’s net income for the three months ended Aug. 2 declined 49.1 percent to $1.7 million, or 4 cents a diluted share, from $3.4 million, or 8 cents, in the 2013 period. Excluding special items, such as costs associated with the Securities and Exchange Commission investigation into earlier accounting issues, earnings per share was 6 cents, 2 cents below analysts’ estimates. The company also incurred higher than expected health-care claims.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)