As it works to meet the surge in demand for "household staples, medical supplies, and other high demand products," Amazon has told other suppliers, including publishers, that their goods will receive a low priority until at least April 5, according to both a letter PW has obtained that was sent to independent publishers earlier today and an article Amazon posted on its Amazon Seller Central website. In the letter, sent from Amazon Vendor Central to a wide range of its suppliers including at large and small independent publishers, the online retailer said that due to a surge in online orders, it is “temporarily prioritizing household staples, medical supplies, and other high demand products” in order to restock those items. As a result, the letter said, from now through April 5, suppliers of products that are a lower priority should expect both reduced purchase orders and extended delivery windows for existing purchase orders.
Stein Mart, Inc. (NASDAQ:SMRT) today announced financial results for the fourth quarter and fiscal year ended January 28, 2017.
•Full year total sales flat to last year and comparable store sales decreased 3.8 percent
•Full year diluted earnings per share of $0.01 compared to $0.51 in 2015
Net loss for the fourth quarter was $4.9 million or $0.11 per diluted share compared to net income of $6.3 million or $0.13 per diluted share in 2015. For the year, net income was $0.4 million or $0.01 per diluted share compared to $23.7 million or $0.51 per diluted share in 2015. Adjusted earnings before interest, income taxes, depreciation and amortization (“EBITDA”) for the year was $44.6 million compared to $76.7 million in 2015 (see Note 1).
“Our fourth quarter results were disappointing as we continued to work through higher than desired inventory levels and the impact of changes to marketing, merchandising and promotions implemented during the third quarter. We were aggressive with our promotions and markdowns to clear fall merchandise which severely impacted the quarter’s gross profit rate and earnings,” said Hunt Hawkins, Chief Executive Officer.
“With our new executive leadership now in place, 2017 will be a year of transition as we refine and organize around our strategies. Lessons learned from last year have us keenly focused on changes we need to make to our business to significantly improve management of our inventories and increase sales productivity. Everything we do will be aimed at our loyal customer and support our brand and value messaging in this continuing difficult retail environment.”
Total sales for the fourth quarter of 2016 decreased 2.2 percent to $385.5 million, while comparable store sales decreased 5.5 percent. Total sales were $1.36 billion for 2016 and 2015, while comparable store sales decreased 3.8 percent.
Gross profit for the fourth quarter of 2016 was $87.9 million or 22.8 percent of sales compared to $105.8 million or 26.8 percent of sales in 2015. Gross profit for the year 2016 was $359.0 million or 26.4 percent of sales compared to $385.3 million or 28.3 percent of sales in 2015. The lower gross profit rate for both the quarter and the year is primarily due to higher markdowns. Additionally, higher occupancy costs, mostly from new stores, negatively leveraged on lower comparable store sales.
more detail at: http://ir.steinmart.com/releasedetail.cfm?ReleaseID=1016468