US: Stein Mart receives Nasdaq non-compliance letter
US department store operator Stein Mart has received a Nasdaq notice of non-compliance as it did not file its quarterly report on time for the third quarter, ended 27 October.
Because of errors identified in the company's previously issued financial statements, it is in the process of restating its financial statements for the 2009, 2010, and 2011 fiscal years, and for the first quarter of 2012.
Until the restatement process and the control evaluations are complete, the company is unable to complete its third quarter financial statements, the retailer said yesterday.
In November, Stein Mart granted the company an exception to file its quarterly report for the second quarter on or before 5 March 2013. Any additional exceptions must be completed within 180 days of 5 March, Nasdaq said.
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Off-price fashion retailer Stein Mart has booked a 35.6% jump in first-quarter net profit, driven by fewer markdowns and increased sales....
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