Discount clothing retail chain Stein Mart Inc has posted a net loss of $10.4 million for the third quarter, compared to a net loss of $3.8m in the same period last year.

The Florida-based company has attributed the loss to the closure of eight stores during the period and the abolishment of its full price coupon system.

"While we continue to face the difficult comparisons to coupon distributions in the fourth quarter, we are cautiously optimistic that our outstanding holiday assortments, improved inventory position and new TV advertising campaign will work in our favour," CEO Michael Fisher said.

The company also opened two new stores during the third quarter.