Dublin, CA and Jacksonville, FL—Ross Stores, Inc. announced today that Brian Morrow will join as President and Chief Merchandising Officer at dd’s DISCOUNTS effective December 7. Most recently Morrow was president/chief merchandising officer at Stein Mart. Morrow will report directly to Barbara Rentler, the Company’s Chief Executive Officer, and be …
Stein Mart’s “Give Back to Our Veterans” Promotion
Jacksonville, FL—In honor of Veterans Day, Stein Mart will introduce its latest chain-wide charitable program, “Give Back to Our Veterans,” to support VA Voluntary Service (VAVS) and help the country’s veterans facing homelessness. Starting Nov. 3, shoppers can contribute to the effort by purchasing a new package of underwear or socks …
Stein Mart Program Bear Hugs Children in Need
Jacksonville, FL—Stein Mart plans its latest chain-wide charitable program, “Give a Bear,” in an effort to provide less fortunate children a special gift during the holiday season. Stein Mart stores nationwide will have stuffed toy bears available for purchase from Oct. 12 through 18.* “Giving back to the community is …
Stein Mart Q4 Profit Soars 65% on Strong Sales Gains
Jacksonville, FL—Stein Mart Inc. ended its fiscal 2014 with a surge in profit and sales in its fourth quarter. For the quarter ended Jan. 31, the off-price retailer posted Thursday a 65.8% increase in its net income to $12.3 million, or 27 cents a share, compared with $7.3 million, or …
Stein Mart Q2 Profit Down Despite Higher Sales
Jacksonville, FL—Citing “important initiatives” in place, Stein Mart today reported its second quarter profit fell 49% as costs exceeded its sales increase. For the quarter ended August 2, net income dropped to $1.7 million from $3.4 million a year earlier. Net income was $1.74 million, or 4 cents a share, …
July, a “Transitional Month,” Posts Sluggish Comp Sales
New York—About six months ago, harsh winter weather stymied retail sales. But now it seems that warmer weather may be in factor in the sluggish monthly retail sales reported today. While the month marks the start of the crucial back to school season, it traditionally is a slower time at …
April Retail Comp Sales Jump Past Estimates
New York—After being foiled by winter storms and bad weather and a later Easter, retailers today reported a comparable store sales gain their biggest one-month increase since September 2011. According to Retail Metrics, a research firm, April comparable store sales were up 6% ahead of its 3.9% increase estimate. ‘Improving …
Stein Mart Q4 Profit Falls But Beats Estimates
Jacksonville, FL—Stein Mart Inc. today said its fourth quarter profit dropped due to lower sales and one-time charges but adjusted profit beat estimates. For the quarter ended Feb 1, the off-price retailer posted net income of $7.42 million, or 16 cents a share, down from $13.55 million, or 30 cents …
Storms, Shopper Fatigue Chill January Comp Sales
New York—January is normally the slowest month at retail, but this year the Arctic whammy from a polar vortex chilled sales more than ever. According to Thomson Reuters’ survey of seven retailers, January comparable store sales are 3.5% though Gap Inc and American Apparel haven’t reported in yet. Thomson Reuters …
December Comp Sales Were Up—But at a Price?
New York—Discounts may have helped comparable store sales rise 2.7% in December, but that stronger-than-expected increase often came with a price(s). Namely, lower margins, customers shifting to online shopping and lowered fourth quarter earnings expectations. In its monthly assessment of eight large retailers, Thomson Reuters reported the 2.75 increase in …
Stein Mart Q3 Returns to Profit, Sales Up
Jacksonville, FL—Stein Mart Inc. posted Thursday a return to third quarter profit as sales continued to increase. For the quarter ended Nov. 2, the retailer reported net income of $28,000, or breakeven per share, compared with a net loss of $1.7 million, or 4 cents a share, in the prior …
Promotions Helped Lift October Comp Sales Above Estimates
New York—Political gridlock, a government shutdown and fears that the United States would default helped to deflate consumer confidence in October, but apparently shoppers turned out anyway. According to Thomson Reuters, comparable store (or same store) sales rose 4% last month, beating economists’ expectations for a 3% increase. Excluding drugstores, …
Stein Mart (Finally) Premieres Its Online Store
Jacksonville, FL—Fulfilling what Chairman/CEO Jay Stein told analysts “is the most important thing we’re going to do this year,” Stein Mart Inc. today premiered its long awaited e-commerce site, www.steinmart.com. While many brick-and-mortar retailers have opened online stores, an off-price retailer, such as Stein Mart, faces a trickier task offering …
Stein Mart Q2 Profit Jumps on Better Sales, Margins
Jacksonville, FL—Stein Mart today reported that its second quarter profit jumped 47.8% as the off-price retailer’s sales and margins improved. For the quarter ended August 3, Stein Mart posted net income of $3.4 million, or 8 cents a share, compared with net income of $2.3 million, or 5 cents a …
Week in Review: Top Accessories, Retail Stories
New York–Life has its ups and downs and this week had plenty of gains and losses. On the gain side, Saks Inc., parent to Saks Fifth Avenue, may have lost out on a merger deal with Neiman Marcus Inc., but now the retailer is reportedly being courted by the Hudson’s …
Jay Stein Appointed CEO at Stein Mart
Jacksonville, FL—Jay Stein, interim chief executive officer at Stein Mart since September 2011, has been appointed permanent chief executive as of Tuesday. “It has been my pleasure to return and lead Stein Mart after nearly two years as interim CEO,” said Jay Stein. “Working side-by-side with our wonderful leadership team, …
May Retail Comp Sales Better Than Expected
New York—While many retailers have been reporting recently that their first quarter sales were stifled by unseasonable cold, their predictions that May sales would be stronger appear to have materialized. According to the comparable store sales reports for May released today, the nine retailers tracked by Thomson Reuters (down from …
April Comp Retail Sales: “Generally Weak”
New York—Ingredients such as inclement and colder-than-normal weather, worries over sequestration and its effects and the continued slow pace of the U.S. economic recovery combined for a recipe that lead to tepid April comparable store sales. Thomson Reuters said today that total comparable store sales rose 3.7% in April, better …
Wintery Weather Results in Meager March Comp Sales Results
New York—U.S. retailers reported their lowest comparable store gains in months today as widespread cold weather hindered March sales of spring merchandise that even an earlier Easter didn’t help. According to Retail Metrics, a research firm, retailers overall posted a 0.6% increase in March comparable store sales. While Thomson Reuters …
Report: February Comp Sales Caught a Chill
New York—Despite a slight upsurge expected in Valentine’s Day spending, total February comparable store sales slowed due to bad winter weather, higher taxes, more expensive gas and concern over “sequestration” in the U.S. government. In its preliminary tally of 15 retailers, the International Council of Shopping Centers (ICSC) said comp …
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