Jacksonville, Fla. Stein Mart on Thursday announced a fourth-quarter net loss of $56.2 million, compared with a net loss of $12.1 million for the year ago period.
For the year ended Jan. 31, the company lost $71.3 million, compared with a net loss of $4.5 million in 2007.
Fourth-quarter sales decreased 12.8% to $363.9 million. Same-store sales decreased 12.0%.
For the 52 weeks ended Jan. 31, net sales decreased 9.0% to $1.32 billion. Comp-store sales declined 10.9%.
"We are focused on two missions -- to entice customers into the store with great name-brand fashion at compelling values, while at the same time continuing to manage the business to be cash flow positive,” said David H. Stovall, Jr., president and CEO, Stein Mart. "To that end, we have highlighted strong brands with value appeal on our sales floors, reduced average store inventories by nearly 20%, and implemented expense reductions across the organization.”
In 2008, the company opened six stores, relocated one and closed 10 underperforming locations. It reduced capital expenditures by 25% in 2007.
One new store in Texas opened last week and one additional opening is planned for later this year. The company expects to close 10 to 13 stores in 2009.