Stein Mart dips to new 52-week low on decreased September sales
Stein Mart Inc. (Nasdaq:SMRT) slipped to a new 52-week low this morning after reporting a drop in sales for September as compared with last year.
The Jacksonville, Fla.-based fashion retailer said before the bell this morning that its sales in September totaled $112 million compared with $127.2 million in September of 2007.
Stein Mart said September sales were negatively impacted by Hurricanes Gustav and Ike, both of which forced store closures in several states. The company lost a total of 111 store selling days as a result, it said.
By mid-morning, Stein Mart is at $2.86, down $0.08, from Tuesday's close, after having fallen to a new 52-week low of $2.73 earlier in the day. Previously, the stock had ranged between $2.90 and $8.03 during the past 52 weeks.
For detailed price information and news stories on Stein Mart, click SMRT.
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Contributing author Mary Ann Azevedo has more than 13 years of writing and editing experience that includes coverage of a broad range of companies.
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