Stein Mart offers revised 3Q, YTD results
Home Textiles Today Staff -- Home Textiles Today, 12/23/2011 10:40:17 AM
Jacksonville, Fla. - Stein Mart today offered some revised third-quarter and year-to-date results due to issues surrounding its information technology systems that caused markdowns to be understated in the company's earnings reported on November 17.
The additional markdowns reduce gross margin and inventory by $2.2 million from what was reported previously for the third quarter, Stein Mat explained, while understated markdowns in the second quarter were not material.
The after tax impact of the additional third quarter markdowns increases the net loss previously released by $1.3 million or $0.03 per diluted share.
As a result, net loss for the quarter was actually $3.1 million, or $0.07 per diluted share. And for the first nine months, revised net income came to $14.1 million, or $0.31 per diluted share.
Sales were not impacted by this revision.
Gross profit for the quarter, revised for the higher markdowns, was $59.3 million or 22.9% of net sales. Year-to-date revised gross profit was $214.5 million, or 25.8% of net sales.
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