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.
The following is a general roundup of US apparel and shoe retailers' February 2013 sales results. It is worth noting that from this month, a number of retailers are no longer reporting their sales res...
- When will Gap get back on track?
- Software solutions enhance speed and visibility
- Bangladesh factory safety progressing slowly
- Jason Denham raises the bar on denim innovation
- Portugal footwear makers underpin industry growth
- Q1 results in brief: Pacific Sunwear, Express
- China to reduce apparel import taxes
- Indonesian textile sector sees 6,000 lay-offs
- Cambodia garment factory strikes up 74%
- Vietnam garment staff return after faintings