JACKSONVILLE, Fla. (AP) -- Discount retailer Stein Mart Inc. reported a larger third-quarter loss Friday after a computer problem caused an error in its previous results.
The company said it lost $3.1 million, or 7 cents per share, over the three months ended Oct. 29. Stein Mart said its profit margins and inventory were actually $2.2 million less than what it reported in November. As a result it lost $1.3 million, or 3 cents per share, more than previously reported.
A year earlier the company reported a profit of $4.3 million, or 10 cents per share. Third-quarter sales fell 4 percent, to $258.5 million from $267.9 million a year ago.
Shares of Stein Mart fell 2 cents to $6.75 in morning trading.