Jacksonville, Fla. -- Stein Mart Inc. reported Thursday that its net income fell to $5.7 million for the fiscal fourth quarter, down from $18.8 million last year. The chain said it was returning to its strategy of emphasizing everyday low prices after heavy coupon promotions took a toll on the retailer's financial performance during the past year.
Revenue for the quarter ended Jan. 28 was down nearly 3% to $328.1 million, from $336.7 million. Same-store sales were down 2.2%.
The company reported net income of $19.8 million for the year versus $48.8 million in the prior year. Annual revenue dropped to $1.16 billion, from $1.18 billion a year earlier.
“Sales results drove our fourth quarter and full-year bottom line lower than last year. While we were disappointed, we are determined to return to the everyday low prices that built this company," said Jay Stein, interim CEO of Stein Mart, in a statement.