US: Stein Mart to restate financial results for 3 years
Discount clothing and homewares retailer Stein Mart Inc is to restate more than three years' worth of financial reports after identifying a number of accounting errors.
The errors relate to the way markdowns were accounted and their impact on the value of unsold inventory and cost of sales; as well as the calculation of leasehold improvement costs, which led to earnings being under or over-stated.
The company said the issues were discovered when it replaced its legacy merchandise information system during the second quarter of 2012.
Stein Mart plans to re-state its financial statements for fiscal years 2009, 2010 and 2011, as well as its data for the first quarter of 2012.
It added that none of the changes affect its affect its current cash balances.
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