Stein Mart (NASDAQ:SMRT) earnings for the department store company’s fiscal first quarter of 2020 have SMRT stock taking a beating after-hours Tuesday. This comes after reporting diluted losses per share of $1.38 and revenue of $134.3 million.
Here’s what went wrong in the most recent earnings report from Stein Mart.
- Diluted per-share losses were much worse than the diluted EPS of 8 cents over the same period a year prior.
- Revenue for the quarter was 57.3% lower than the $314.2 million reported during fiscal Q1 2019.
- Operating loss of $74.45 million is a major year-over-year declines from an operating income of $6.55 million.
- The Stein Mart earnings report also includes a net loss of $65.72 million.
- That’s a massive shift from the company’s net income of $3.97 million reported during the same time last year.
Hunt Hawkins, CEO of Stein Mart, said this in the current earnings report.
“As our stores re-opened, we have seen traffic steadily increase and omnichannel sales remain strong. However, while sales are exceeding our expectations, they continue to be down to last year and we expect it will take some time for them to fully recover.”
Stein Mart didn’t include guidance in its earnings report. This is due to the poor economic visibility due to the novel coronavirus. Many other companies are also withholding outlooks during the pandemic.
SMRT stock was down 16.9% after markets closed on Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.