It was today that Stein Mart, Inc (NASDAQ:SMRT) proceeded to pronounce its fourth quarter financial results for the fiscal year ended February 3, 2018.It disclosed that fourth quarter of 2017 was associated with an Operating income of about $4.1 million compared to an operating loss of $8.1 million that was recorded in the previous year.
The non-cash pretax asset impairment charges that were recorded in the fourth quarter stood at of $3.2 million and this case it is in reference to 2017.One year back the figure stood at $1.2 million.
The fourth quarter pulled along with a Net loss of about $0.4 million or $0.01 per diluted share and a much closer comparison can be struck with the $4.9 million net loss in 2016.On top of the asset impairment charges stipulated above, the 2017 fourth quarter results included a $2.2 million higher income tax expense related to the Jobs Act and Tax Cuts of 2017.
If we can for instance choose to exclude the expenses, it is easy to see that the fourth quarter pulled along with an adjusted net income standing at $0.08 per diluted share in 2017 or $3.7 million in 2017 and again another comparison can be struck by considering the adjusted net loss of $0.09 diluted loss per share or $4.2 million in 2016.
The CEO of the company Hunt Hawkins while speaking in one of the media houses spoke on a number of issues related to the most recent developments in the company. According to him, 2017 was indeed an outstanding year in the history of the company. He termed it a year of transition which ended up positioning the company on the right path to attain immense business success in future.
He moved ahead to outline that as a company they had managed to implement major updates to their assortment and in line with that was the improved inventory productivity through better markdown practices, changes to receipt flow as well as the reduced inventory levels.
One thing that is also quite clear is the fact that the company is unveiling a new advertising campaign that will see it achieve its set business targets.