Stein Mart CEO Resigned; Sales Running Below Plan

By Markets MarketWatch Pulse

Stein Mart Inc. said Chief Executive Dawn Robertson resigned, effective Sept. 27. Robertson was also the home decor and accessories retailer's chief merchandising officer. Chief Operating Officer D. Hunt Hawkins was named interim CEO. Separately, the company said same-store sales for the fiscal third-quarter ending Oct. 29 have declined about 4% through Sept. 27. Sales are lower than anticipated, as some improvement in September followed a challenging start and several "missteps" in August, the company said. "We believe that several of the new merchandising strategies that have been developed this year will positively impact our future sales," Hawkins said. "However, implementation has been too rapid and has been challenging for our customers." The stock, which was still inactive in premarket trade, has climbed 12% year to date, while SPDR S&P Retail ETF has ticked up 0.2% and the S&P 500 has gained 6.2%.

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