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Stein Mart files for bankruptcy as analysts forecast pressure on usually-robust off-price retail

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Off-price retailer Stein Mart Inc. announced it filed for bankruptcy on Tuesday amid mounting off-price pressure, a retail category that had been growing before COVID-19.

To be sure, Stein Mart
US:SMRT
, like many other retailers that have filed chapter 11, faced challenges even before the coronavirus pandemic. Fiscal 2019 losses totaled 22 cents per share after a loss of 13 cents per share the year prior.

In the most recent quarter, with the coronavirus pandemic raging, losses reached $1.38 per share on revenue of $138.2 million, down from $319.4 million the year before.

Neil Saunders, managing director at GlobalData Retail, notes the…

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Source marketwatch.com

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