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Bloomberg's Wilson on Stock of the Day: Stein Mart (Audio) · Bloomberg Intelligence

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  Speaker 1: All right, Dave, you're up. Uh Hi, my name is Dave.
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  Speaker 1: Just what do you think you're doing today? We're going
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  Speaker 1: for the prankdown, Wilson, Dave, Dave Hey. Mr Wilson opened
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  Speaker 1: up the door to stein Mark. Well that's something well
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  Speaker 1: worth doing. But a whole lot of investors were walking
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  Speaker 1: out the door today. Stein Mart's a discount store chain
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  Speaker 1: that began in nineteen o eight with a location in Greenville, Mississippi.
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  Speaker 1: Sam Stein opened that store, and his grandson Ja Stein
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  Speaker 1: expand the company into a national chain with about two
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  Speaker 1: eighty locations. It's based in Jacksonville, Florida these days. Stein
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  Speaker 1: Mark has been publicly traded since two ticker s m RT.
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  Speaker 1: Company shares peaked in May two thousand five and plummeted
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  Speaker 1: ninety six percent through December two thousand and eight. They
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  Speaker 1: haven't recovered from that drop in a rally this year
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  Speaker 1: was set back today after Chief Executive Dawn Robertson resigned.
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  Speaker 1: Robertson lasted six months as CEO after succeeding Jay Stein.
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  Speaker 1: She was also stein Mart's top merchandizing executive. President Hunt
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  Speaker 1: Hawkins was named interim CEO. They're looking for a merchandizing chief.
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  Speaker 1: Stein Mart also said gross profit for the current fiscal
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  Speaker 1: quarter may fall about one and a half percentage points
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  Speaker 1: relative to sales from the previous quarter. Companies said a
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  Speaker 1: bigger mark downs and higher occupancy costs, most mostly for
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  Speaker 1: new stores. For the first two months of the quarter,
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  Speaker 1: sales fell four percent at locations open more than a year.
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  Speaker 1: Put it all together, and stein Mart shares ended up
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  Speaker 1: with their biggest loss in eighteen months. They fell sixteen
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  Speaker 1: and a half percent. Ouch Day, Wilson, thank you so
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  Speaker 1: very much for joining us our stock Senator Dave Wilson.
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  Speaker 1: You know, we know that cheating usually doesn't get you
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  Speaker 1: very far in business. Just look at Wells Fargo and
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  Speaker 1: Deutsche Bank of late. But you know what, there's a
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  Speaker 1: way to cheat, according to the author of a new book,
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  Speaker 1: the cheat code that actually works, and it's not dishonest.
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  Speaker 1: It just really helps you get ahead in business. I'm
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  Speaker 1: Kathleen Is along with pim Fox. This is Bloomberg