Stein Mart, Inc. announced that its comparable store sales for the nine-week period ended December 31, 2016 decreased 4.8 percent and total sales decreased 1.9 percent compared to the same period last year. "Our sales in November and December were particularly difficult," said Hunt Hawkins, Interim Chief Executive Officer. "We have been aggressive with our promotions and markdowns to manage our inventory levels. This has impacted our gross profit rate and, as a result, we are now expecting to report a loss for the fourth quarter but will be profitable for the year."
J. C. Penney Company, Inc. (NYSE: JCP) announced today that its comparable store sales for the combined nine-week period ending Jan. 5, 2019 decreased 3.5 % on a shifted basis. On an unshifted basis, comparable sales decreased 5.4 %.
The Company also reaffirmed its expectations to generate positive free cash flow in fiscal 2018, reduce inventory in excess of $225 million or 8% and expects to end the year with liquidity in excess of $2 billion.
Additionally, JCPenney will initiate three preliminary store closings this spring as part of an ongoing evaluation of its store portfolio occurring over the next few months, which includes assessing locations that may not meet required financial targets or represent a market opportunity to capitalize on a beneficial real estate asset. Further information related to future store closings will be shared on Feb. 28 when the Company reports its fourth quarter and fiscal 2018 results.