Stein Mart juices 4Q marketing

JACKSONVILLE , Fla. -- Stein Mart Inc. is amplifying its marketing efforts for this holiday season, adding a free-standing insert on Thanksgiving Day and broadening its distribution for a December circular, the retailer said during its third quarter earnings call today.

“Promotionally, we will be pretty much in the same cadence as last year but we will be adding some additional marketing enhancements,” said Michael Fisher, president and CEO, during the company’s quarter call this morning. “We will be focusing on great prices on holiday dressing, entertainment and gift-giving opportunities.”

Despite losing almost $6 million in sales to a pair of hurricanes that shut down many of its stores, Stein Mart parlayed strict inventory controls and stronger margins into a $1.4 million third quarter profit, recovering from a year-before loss of $2 million.

Sales increased 1.8 percent to $336.5 million in spite of hurricane disruption which Stein Mart estimated cost it about $5.7 million in sales. Comps edged up 0.4 percent.

Providing a lift to the bottom line, average gross margin widened 1.6 percentage points, to 24.7 percent from 23.1 percent helped by improved mark-up and fewer markdowns, the company said. Merchandise stockpiles were cut 2.9 percent from year-ago levels, to $313.3 million from $322.7 million, yielding a savings of $9.3 million.

Home Textiles Today Staff | News & Commentary

Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Research Store

Featured Video

Subscribe to
Home Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT November 2017 cover

See the November 2017 issue of Home Textiles Today. In this issue, we look at Complex Colors, Complex Times--Trend forecasters and interior designers weigh in on 2018 palettes and motifs.  Other articles include: Data: Exclusive HTT soft window research; Innovation: Material Changes conference preview; Country report: India invests in the future and Fabrics: Showtime preview.  See details!