In retail, there’s no better time to strike than while the iron’s hot. If the new-fangled website isn’t ready when said iron is, though, it’s better to be late than never.
That’s the situation Stein Mart finds itself in, according to a statement outlining its fiscal results for 2015. After experiencing a spike in online sales to the tune of a year-over-year 60 percent increase in Q4 2015 earnings, Stein Mart CEO Jay Stein explained that while the overall numbers weren’t where he would’ve liked to see them — Q4 sales were down overall — there was still plenty to celebrate on the eCommerce side of things.
“Disappointing fourth quarter sales and a more promotional holiday selling season drove our results lower than the prior year,” Stein said in a statement. “Our fourth quarter gross profit rate was lower as we made appropriate valuation decisions on inventories. On a positive note, we increased our comparable store sales for the year, had solid sales growth from 10 new stores and controlled our expenses well. We also ended the year with acceptable inventory levels going into our strong spring selling season.”
Speaking of a season of expected strong performance, Stein also told investors on an earnings call that the retailer would respond to the surging interest in its digital wares with a redesigned website. Though it wouldn’t be live until this summer at the earliest, Stein emphasized how the responsive design and updated look of the site should keep momentum going for its digital division.
“We will also have a better look and a much easier ability for [shoppers] to shop with enhanced navigation and search capabilities,” Stein said, via Seeking Alpha. “A simplified checkout and several other features will also be added.”
To see a retailer react so quickly to a new digital reality is heartening. That Stein Mart waited until now to do so? Not so much.
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