Stein Mart,Inc。(SMRT) 首席执行官 Hunt Hawkins 在 2019年 第二季度业绩 - 收益电话会议记录

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Stein Mart, Inc. (NASDAQ:SMRT) Q2 2019 Results Earnings Conference Call August 21, 2019 4:30 PM ET

Stein Mart,Inc。(纳斯达克股票代码:[SMRT])2019年第二季度业绩收益电话会议2019年8月21日美国东部时间下午4:30

公司参与者

Hunt Hawkins - Chief Executive Officer
MaryAnne Morin - President
James Brown - Chief Financial Officer
Linda Tasseff - Director, Investor Relations

  • 亨特霍金斯 - 首席执行官
  • MaryAnne Morin - 总统
  • 詹姆斯布朗 - 首席财务官
  • Linda Tasseff - 投资者关系总监

会议主持员

Greetings, and welcome to the Stein Mart Second Quarter 2019 Earnings Conference Call.
In the course of this presentation, statements may be made as to certain matters that constitute forward-looking information that is subject to certain risks and uncertainties. Additional information concerning those factors that could cause actual results to differ from those in the forward-looking statements can be found in the company's fiscal 2018 Annual Report on Form 10-K for the year ended February 2, 2019, and other filings with the SEC. All participants are in a listen-only mode. [Operator Instructions]
I would now like to turn the conference over to Hunt Hawkins, CEO of Stein Mart.

问候,并欢迎参加Stein Mart 2019年第二季度收益电话会议。

在本演示过程中,可以就构成具有某些风险和不确定性的前瞻性信息的某些事项发表声明。 有关那些可能导致实际结果与前瞻性陈述不同的因素的其他信息可以在2019年2月2日截止的公司2018年度的10-K表年度报告中找到,以及向SEC提交的其他文件。。 所有参与者都处于只听模式。 [操作说明]

我现在想把会议转交给斯坦马特的首席执行官亨特霍金斯。

亨特霍金斯

Good afternoon, everyone, and welcome to Stein Mart's second quarter earnings call. I have with me today our President, MaryAnne Morin; our Chief Financial Officer, James Brown; and our Director of Investor Relations, Linda Tasseff. As always, I'll begin with some opening comments, and then I'll turn the call over to MaryAnne to add some more color, and after that, James will review our financial results.
So let's start with our sales results. As we previously discussed, the shift of our 12-Hour Sale event from the second quarter to the first benefited sales in the first quarter but unfavorably impacted sales in the second quarter. However, if we adjust for the event shift, comparable sales decreased to 1.9% for the second quarter, compared to a decrease of 3.3% for the first quarter.
While adjusted comps are still negative, comp sales for the combined last 2 months of the quarter were essentially flat. Our 2019 sales driving initiatives were all planned for deployment in the back half of the year, and are all beginning to roll out now. This gives us confidence that our comp sales trend will improve in the second half.
Our gross profit rate for the second quarter was flat to last year's improved rate. However, as a reminder, in 2018, we drove our gross profit rate significantly higher with strong inventory productivity and we continue to emphasize this to our teams. We've been quite disciplined about maintaining an appropriate mix of our regular priced and plant inventories. Accelerating our markdown cadence and having a continuous flow of receipts across all month, has increased our turn and keeps our inventory position healthy.
Excluding some year-over-year timing differences, average store inventories were down 3% at the end of the second quarter. Through our continued conservative cash management and improved credit terms from our factors and vendors compared to last year, we significantly reduced our debt and increased our total availability compared to the end of the second quarter of 2018. And like I mentioned over the past year, our teams have been working hard on a number of initiatives that are now being introduced.
We completed the rollout of our endless aisle mobile technology to all stores at the end of June. This month, we launched our new Kids department. And just this week we are launching our Buy Online, Pick up in-store service or BOPIS. And by the end of October, we'll have our new Fine Jewelry product line available in 50 plus stores online and with a smaller offering in all stores. We are very excited about the opportunities that these and other initiatives provide us to grow sales through higher traffic and new customer acquisitions throughout the fall and beyond.
So now I'd like to turn the call over to MaryAnne to add more color. MaryAnne?

大家下午好,欢迎来到斯坦马特的第二季度财报电话会议。我今天和我在一起,我们的总统玛丽安娜莫林;我们的首席财务官James Brown;和我们的投资者关系总监Linda Tasseff。与往常一样,我将从一些开场评论开始,然后我将把电话转给MaryAnne以增加更多颜色,之后,詹姆斯将审查我们的财务结果。

那么让我们从销售结果开始吧。正如我们之前所讨论的那样,我们的12小时销售活动从第二季度转移到第一季度的第一个受益销售,但不利地影响了第二季度的销售。然而,如果我们调整事件转变,第二季度的可比销售额下降至1.9%,而第一季度则下降3.3%。

虽然调整后的补偿仍为负数,但本季度过去2个月的合并销售额基本持平。我们2019年的销售推动计划都计划在今年下半年部署,并且现在都已开始推出。这使我们相信下半年我们的销售趋势会有所改善。

我们第二季度的毛利率与去年的改善率持平。然而,作为提醒,在2018年,我们通过强大的库存生产率推动我们的毛利率显着提高,我们继续向我们的团队强调这一点。我们对保持正常价格和工厂库存的适当组合非常自律。加快我们的降价节奏并在整个月内持续不断地收到收益,这增加了我们的转变并使我们的库存状况保持健康。

剔除一些年度同比差异,第二季度末平均商店库存下降3%。通过我们持续保守的现金管理以及与去年相比我们的因素和供应商的信贷条款得到改善,与2018年第二季度末相比,我们大幅减少了债务并增加了总可用性。就像我在过去一年中提到的那样,我们的团队一直在努力开展一些现在正在推出的计划。

我们在6月底完成了向所有商店推出无限通道移动技术。本月,我们推出了新的儿童部门。就在本周,我们将推出在线购买,提供店内服务或BOPIS。到10月底,我们将在50多家商店在线提供我们新的高级珠宝产品系列,并在所有商店提供较小的产品。我们对这些和其他计划为我们提供的机会感到非常兴奋,这些机会通过在秋季及以后的更高流量和新客户收购来增加销售。

所以现在我想把这个电话转到MaryAnne来添加更多颜色。玛丽安娜?

MaryAnne Morin

Thank you, Hunt. Good afternoon, everyone. As we begin the fall selling season, our new strategies have begun to rollout with more to come over the next few weeks. And it's terrific to see them come to life. These actions will serve to broaden our appeal to a larger consumer base. These include new businesses, new brands, new technology, new marketing initiatives and new ways of understanding customer shopping behaviors.
We are laser focused on giving her what she wants. The right fashion, a great value. And now for the whole family with the addition of Kids, we are now giving her multiple shopping options which is unique in the off price space. She can shop in-store, online or by online pick up in store. We can locate merchandise her local store may have sold out of in another location, and ship it to her. We are tailoring her marketing message that is appropriate to the way she shops and we are now giving her richer reward program as if she shops with her credit card.
Let's start with our newly launched Kids department. We are so excited about Kids. Kids is now available in our stores with an expanded online offering. Years ago, Kids was a fairly sizable business for us and our customer has been asking us to bring it back. Some of our Kids features apparel for babies, girl sizes 2 to 16 and boy sizes 2 to 20, plus several other categories including shoes and toys.
Our buyers have obtained some of the best kids brands available such as Little Me, Baby Essentials, Disney's Frozen, Lucky, Champion, Nautica and many other famous brands, you will instantly recognize them but we are not able to discuss them publicly. You will just have to come visit our stores and check them out.
This month, we are marketing Kids through e-mail and in-store signage, holding a more comprehensive media launch for inclusion in our fall marketing campaign. In September, we'll be launching Kids through a 16 page insert that will be part of our fall fashion mailer. Digital and TV will also kick off in September and continue into October. After that Kids becomes part of our store wide marketing as we ramp up for the holiday selling season.
We anticipate that Kids will create incremental sales by attracting new customer and increase basket size for existing customers that can now conveniently shop for their children in our stores and online. And while we have only receded a percentage of our assortment, and so far, we are very pleased with early sales results and have already placed three orders.
Next, moving on to Fine Jewelry. Our Fine Jewelry department will debut in 51 stores in October. E-comm will be previewing an expanded assortment in September. This is the next step in the evolution of our luxury offerings. Our jewelry will have an average price point of $500 and includes a great collection of diamonds, pearls, 14 karat gold, gemstones and more. Our everyday low pricing is very compelling since we have partnered with a vendor that has amazing sourcing capabilities. We expect to expand the full assortment to more doors in 2020.

谢谢你,亨特。大家下午好。当我们开始秋季销售季节时,我们的新策略已经开始推出,未来几周会有更多。看到它们变得生动起来真是太棒了。这些行动将有助于扩大我们对更大消费者群体的吸引力。这些包括新业务,新品牌,新技术,新营销计划以及了解客户购物行为的新方法。

我们激光专注于给她她想要的东西。正确的时尚,很有价值。现在,对于整个家庭增加了儿童,我们现在给她多个购物选择,这在价格空间是独一无二的。她可以在店内,网上购物或在网上购物。我们可以找到她当地商店可能在其他地方销售的商品,并将其运送给她。我们正在根据她的购物方式定制她的营销信息,我们现在正在给她更丰富的奖励计划,好像她用她的信用卡购物一样。

让我们从我们新推出的儿童部门开始。我们对孩子们非常兴奋。我们的商店现在提供儿童产品,并提供扩展的在线服务。几年前,Kids对我们来说是一个相当大的业务,我们的客户一直要求我们把它带回来。我们的一些儿童服装包括婴儿服装,2至16岁的女孩和2至20岁的男孩,以及其他几个类别,包括鞋子和玩具。

我们的买家已经获得了一些最好的儿童品牌,如Little Me,Baby Essentials,Disney's Frozen,Lucky,Champion,Nautica和许多其他知名品牌,您将立即认出它们,但我们无法公开讨论它们。你只需要来我们的商店看看吧。

本月,我们通过电子邮件和店内标牌营销儿童,举办更全面的媒体发布,以纳入我们的秋季营销活动。 9月份,我们将通过16页插页启动Kids,这将成为我们秋季时尚邮件的一部分。数字和电视也将在9月开始,并持续到10月。之后,随着节日销售旺季的增加,Kids成为我们店铺营销的一部分。

我们预计,孩子们将通过吸引新客户并增加现有客户的篮子大小来创造增量销售,现在可以方便地在我们的商店和网上为他们的孩子购物。虽然我们只退出了一定比例的分类,但到目前为止,我们对早期销售结果非常满意,并且已经下了三个订单。

接下来,转到高级珠宝。我们的高级珠宝部门将于10月份在51家商店首次亮相。 E-comm将于9月份预览一个扩展品种。这是我们奢侈品发展的下一步。我们的珠宝平均价格为500美元,包括大量钻石,珍珠,14克拉黄金,宝石等。由于我们与拥有惊人采购能力的供应商合作,因此我们的日常低价非常引人注目。我们期望在2020年将全部产品扩大到更多的门。

In addition to this, we are also introducing some key item Fine Jewelry styles, at great prices below $200 that will go to all stores and have special fixtures to highlight this product. Continuing our digital expansion, we are launching Buy Online, Pickup In Store or BOPIS, this week. Customers can now purchase most merchandise on steinmart.com and conveniently pick it up at a store of their choice. BOPIS is gaining momentum as a customer experience differentiator.
Customers want a quick, convenient online shopping journey. They also want to save time and money with a free in-store pickup and BOPIS provides both. And we are the first authorized retailer to offer this option. We expect about 15% of our demand sales will shift to in-store pickup. By bringing a customer into the store, they are more likely to purchase additional items. While expanding your customer choices, BOPIS will also improve our profitability by creating incremental attachment sales and reducing shipping costs.
Next, an update on endless aisle and mobile point-of-sale. We've completed our chain ride rollout of this technology. Using a mobile device, our store associates can now locate product and order it online for their customers. It also provides convenient mobile checkout to expedite line busting during peak selling periods. We are already seeing great results, including higher order average values and a significant increase in credit card enrollment.
Smart fulfillment logic and initiative to speed up shipping times and lower direct-to-consumer costs, using enterprise wide view of inventory was launched early this month. This technology identifies the best location, either warehouse or store from which to ship a steinmart.com order. Well, we only have a couple weeks' worth of data, we are beginning to see the intended benefits of this system including. Fewer split orders, decreased packages per order and increased units per package.
We're introducing our new Stein Mart rewards program in October. This program combines our existing credit card and preferred customer programs into a single loyalty program. Under the new program, we've doubled the earn rate which means cardholders will earn their rewards reward twice as fast. Cardholders will now earn 2 points per dollar and Stein Mart Elite cardholders will earn 4 points per dollar on purchases made on the Stein Mart credit card. Rebranding our credit card and issuing a new card will reengage current cardholders and encourage new cardholders to sign-up to engage into the program, which will drive incremental trips and traffic to the stores. As we look for new ways to advance loyalties, we have plans to pilot and enhance multi-tender loyalty program early next year in about 100 stores. This pilot program will be available to all customers regardless of pay method.
Its primary focus is to attract non-credit cardholders. It will include a value proposition for non-credit customers, lower hurdle to achieve rewards and faster expiration of rewards to create urgency to use.

除此之外,我们还推出一些关键项目的高级珠宝款式,价格低于200美元,将去所有商店,并有专门的装置来突出这个产品。继续我们的数字扩张,本周我们将推出在线购买,店内提货或BOPIS。客户现在可以在steinmart.com上购买大部分商品,并方便地在他们选择的商店购买。 BOPIS作为客户体验差异化因素正在获得动力。

客户希望快速方便的在线购物之旅。他们还希望通过店内免费提货来节省时间和金钱,而BOPIS则提供这两种服务。我们是第一家提供此选项的授权零售商。我们预计约15%的需求销售将转向店内提货。通过将顾客带入商店,他们更有可能购买额外的商品。在扩大客户选择范围的同时,BOPIS还将通过创建增量附件销售和降低运输成本来提高盈利能力。

接下来,关于无尽过道和移动销售点的更新。我们已经完成了这项技术的链条推广。使用移动设备,我们的商店员工现在可以找到产品并在线为其客户订购。它还提供方便的移动结账,以加快在高峰销售期间的线路破坏。我们已经看到了很好的结果,包括更高的订单平均值和信用卡注册量的显着增加。

本月初推出了智能履行逻辑和主动权,以加快运输时间并降低直接面向消费者的成本。该技术确定了最佳位置,可以从仓库或商店发送steinmart.com订单。好吧,我们只有几周的数据,我们开始看到这个系统的预期好处,包括。拆分订单减少,订单减少,每包订单增加。

我们将于10月份推出新的Stein Mart奖励计划。该计划将我们现有的信用卡和首选客户计划整合到一个忠诚度计划中。根据新计划,我们将收益率提高了一倍,这意味着持卡人将获得两倍的奖励回报。持卡人现在每美元可获得2分,而Stein Mart Elite持卡人在Stein Mart信用卡购物时每美元可获得4分。重新标记我们的信用卡并发行新卡将重新锁定现有持卡人并鼓励新持卡人注册参与该计划,这将推动增量旅行和商店的流量。在我们寻找提升忠诚度的新方法时,我们计划在明年初在约100家商店试行并加强多招标忠诚度计划。无论付费方式如何,所有客户都可以使用该试点计划。

其主要重点是吸引非信用卡持卡人。它将包括非信贷客户的价值主张,实现奖励的更低障碍和更快的奖励到期以创造使用的紧迫性。

Now an update on our new marketing tool, campaign management. We've just begun using this tool and have executed several automated email marketing campaigns based on our customers' behavior. Campaign management enables us to use customer spending and online browsing information to create and push out personalized email and direct mail messaging that is focused on individual preferences. This technology will unlock incremental sales as we begin to communicate and market to the customers, the way they shop.
Since our last call we've completed the planned rollout of our conversion improvement program. This program analyses store traffic and transactions and provides daily store level performance feedback to store management. Using this data stores can adjust payroll hours and task to better align with customer peak traffic periods. This allows for better customer service and thus drives conversion. Early results are encouraging. This program is now active in about half of our stores and we have plans for further expanse in next year. With all these exciting initiatives we have not lost sight of our core businesses and continue to seek out new opportunities. We have over 30 new brands in women apparel and 15 in accessories. The teams have truly embraced testing and reacting to newness since the consumer is moving ever faster.
Now over to James to discuss our operating results. James?

现在更新我们的新营销工具,广告系列管理。我们刚刚开始使用此工具,并根据客户的行为执行了多个自动电子邮件营销活动。广告系列管理使我们能够使用客户支出和在线浏览信息来创建和推出针对个人偏好的个性化电子邮件和直接邮件消息。当我们开始与客户沟通和营销时,这种技术将解锁增量销售。

自上次致电以来,我们已完成了转换改进计划的计划部署。该程序分析商店流量和交易,并为商店管理提供每日商店级别的性能反馈。使用此数据存储可以调整工资核算小时和任务,以更好地与客户的高峰流量时段保持一致。这样可以提供更好的客户服务,从而推动转换。早期结果令人鼓舞。该计划目前在我们约一半的商店中有效,我们计划明年进一步扩大。通过所有这些激动人心的举措,我们不会忽视我们的核心业务,并继续寻找新的机会。我们有30多个女性服装新品牌和15个配饰品牌。由于消费者的行动速度越来越快,团队已经真正接受了测试和对新事物的反应。

现在来詹姆斯讨论我们的经营业绩。詹姆士?

詹姆斯布朗

Thank you, MaryAnne, and good afternoon everyone. Operating income for the second quarter of 2019 was 0.2 million compared to 2 million in 2018. Net loss for the second quarter of 2019 was 2.1 million or $0.04 per share compared to net loss of 1 million or $0.02 per share in 2018. Comparable sales for the second quarter decreased 3.6%. As Hunt described, comparable sales in the first and second quarters were impacted by an event shift. Excluding the event shift, adjusted comp sales decreased an estimated 3.3% for the first quarter of 2019 and decreased 1.9% for the second quarter.
Transactions and units per transaction were lower and average unit retail sales price was slightly higher. E-commerce sales, which are included in comp sales were up 7% including online order shipped from our stores. E-commerce lifted our comparable sales results by 40 basis points for the quarter and represented 6.1% of net sales. Net sales for the second quarter of 2019 were 292.4 million, compared to 310.9 million in 2018. The decrease reflects fewer stores in 2019 and lower comparable sales, including the impact of the event shift.
Gross profit for the second quarter of 2019 was 74.7 million compared to 79.3 million in 2018. The gross profit rate for the second quarter was flat to last year's 25.5% of sales. On a two-year basis, our rate has improved 470 basis points on lower markdowns and improved inventory productivity.
SG&A expense for the second quarter were 78.5 million, compared to 80.9 million in 2018. The decrease in SG&A expense is primarily due to lower store expenses, including the impact of closed stores. Existing store expenses were lower as we continue to manage payroll well, reacting to the lower than planned sales trend. Interest expense was 2.2 million for the second quarter of 2019, compared to 2.9 million in 2018. The reduction in expense was primarily due to lower debt during the second quarter.
Now, I'll touch on results for the first half. Net income for the first half of 2019 was 1.9 million or $0.02 per share, compared to net income of 6.4 million or $0.14 per share in 2018. Adjusted EBITDA for the first half of 2019 was 20.8 million compared to 28.7 million in 2018. Comparable store sales for the first half of 2019 decreased 2.6%, primarily due to lower transactions.
E-commerce sales were up 11%, including online orders shipped from our stores. Online sales lifted our comparable sales results by 40 basis points for the half and represented 5.8% of net sales. Net sales for the first half of 2019 were 606.5 million, compared to 637.5 million in 2018. The decrease reflects lower comparable sales and fewer stores in 2019. Gross profits for the first half of 2019 was 162.1 million, or 26.7% of sales, compared to 175.3 million, or 27.5% of sales in 2018.
The lower gross profit rate reflects higher markdowns as a percent of sales, as well as the deleverage of occupancy costs on lower sales. Markdowns were higher as a percent of sales, primarily due to our planned accelerated markdown cadence. SG&A expenses for the first half of 2019 were 164.6 million, compared to 171.4 million in 2018. The decrease in SG&A expense was primarily due to lower store expenses, including the impact of closed stores, partially offset by higher e-commerce expenses to support this growing business.

谢谢MaryAnne,大家下午好。 2019年第二季度的营业收入为20万美元,而2018年为200万美元。2019年第二季度的净亏损为210万美元或每股0.04美元,而2018年净亏损为100万美元或每股0.02美元。可比销售额第二季度下降3.6%。正如Hunt所描述的那样,第一季度和第二季度的可比销售额受到事件转变的影响。不计事件转移,调整后的销售额在2019年第一季度下降了约3.3%,第二季度下降了1.9%。

每笔交易的交易和单位较低,平均单位零售价格略高。计算机销售中包含的电子商务销售额增长了7%,包括从我们的商店发货的在线订单。电子商务将本季度的可比销售业绩提升了40个基点,占净销售额的6.1%。 2019年第二季度的净销售额为2.924亿美元,而2018年为3.109亿美元。这一下降反映了2019年的门店数量减少以及可比销售额下降,包括事件转移的影响。

2019年第二季度的毛利润为7470万美元,而2018年为7930万美元。第二季度的毛利率与去年的25.5%持平。在两年的基础上,由于降价幅度较低和库存生产率提高,我们的利率提高了470个基点。

第二季度的SG&A费用为7850万美元,而2018年为8090万美元。销售和管理费用的减少主要是由于商店费用减少,包括封闭商店的影响。由于我们继续很好地管理工资单,对低于计划的销售趋势作出反应,现有的商店费用较低。 2019年第二季度的利息支出为220万美元,而2018年为290万美元。费用减少主要是由于第二季度债务减少。

现在,我将谈谈上半场的成绩。 2019年上半年的净收入为190万美元或每股0.02美元,而2018年的净收入为640万美元或每股0.14美元。2019年上半年的调整后EBITDA为2080万美元,而2018年为2870万美元。可比店面2019年上半年的销售额下降2.6%,主要原因是交易量减少。

电子商务销售额增长了11%,包括从我们的商店发货的在线订单。在线销售将我们的可比销售业绩提升了40个基点,占净销售额的5.8%。 2019年上半年的净销售额为6.065亿,而2018年为6.375亿。这一下降反映了2019年可比销售额和商店减少。2019年上半年的总利润为1.621亿,占销售额的26.7%, 20130年达到1.753亿美元,占销售额的27.5%。

较低的毛利率反映出较高的降价幅度占销售额的百分比,以及由于销售额下降导致的占用成本减少。降价作为销售额的百分比更高,主要是由于我们计划加速降价节奏。 2019年上半年的SG&A费用为1.646亿美元,而2018年为1.714亿美元。销售和费用支出的减少主要是由于商店支出减少,包括封闭式商店的影响,部分被电子商务支出的增加所抵消。发展业务。

For the second half of the year, we expect SG&A expenses to be down slightly to last year's second half. Taking a look at the balance sheet and cash flows. Inventories at the end of the second quarter of 2019 were 238.4 million, compared to 240.8 million at the end of the second quarter of last year. Inventories at the end of the second quarter of 2019 include higher amounts for the planned acceleration receipts for categories that were trending strong, as well as amounts to support our recently launched Kids department.
Excluding these impacts, average inventory per store were down 3% to last year. Total inventories were even lower due to fewer stores at the end of the quarter. Our accounts payable balance was 21 million higher at the end of the second quarter 2019, compared to the end of the second quarter of 2018. This reflects improved credit trends from our vendors and factors since the second quarter of 2018.
Total borrowings decreased 36.8 million to 138.5 million at the end of the second quarter of 2019, compared to 175.3 million at the end of the second quarter of 2018. Unused availability under our credit facility, plus additional amounts available to borrow under life insurance policies was 77.4 million at the end of the second quarter of 2019. This is a $34.1 million increase over 2018's unused availability. Cash management continues to be a priority for us and we diligently work to deleverage our balance sheet.
Now back to you Hunt.

对于下半年,我们预计SG&A费用将略微下降至去年下半年。看一下资产负债表和现金流量。 2019年第二季度末的库存为2.384亿,而去年第二季度末为2.480亿。 2019年第二季度末的库存包括趋势强劲的类别的计划加速收据的更高金额,以及支持我们最近推出的儿童部门的金额。

排除这些影响,每家商店的平均库存比去年下降3%。由于本季度末的门店数量减少,总库存量甚至更低。与2018年第二季度末相比,我们的应付账款余额在2019年第二季度末增加了2100万美元。这反映了自2018年第二季度以来我们的供应商和因素的信贷趋势改善。

2019年第二季度末借款总额减少3680万至1.385亿,而2018年第二季度末为1.753亿。我们信贷额度下的未使用可用性加上可用于人寿保险政策的额外借款额度为2019年第二季度末达到7740万美元。这比2018年未使用的可用性增加了3410万美元。现金管理仍然是我们的优先事项,我们努力工作以去除我们的资产负债表。

现在回到你的亨特。

亨特霍金斯

Thank you, James. So, this will conclude today's call. As you've heard today, we're very excited about the great new initiatives beginning to come online to improve our second half results and we believe our customers will embrace the positive changes we've made to make their shopping experience at Stein Mart even more enjoyable. Of course, we're always available to answer any questions that you may have. You can reach us by calling our Director of Investor Relations, Linda Tasseff. Her contact information is included in our earnings release and posted on our website.
So let me thank you all for joining us today and say that we look forward to talking with you at the end of next quarter.

谢谢詹姆斯。 所以,这将结束今天的电话会议。 正如您今天所听到的那样,我们对于开始上线以改善下半年业绩的出色新举措感到非常兴奋,我们相信我们的客户将接受我们为在Stein Mart购物体验所做的积极改变。 更愉快。 当然,我们随时可以回答您的任何问题。 您可以致电我们的投资者关系总监Linda Tasseff与我们联系。 她的联系信息包含在我们的收入发布中,并发布在我们的网站上。

所以,我要感谢大家今天加入我们,并表示我们期待在下个季度末与您交谈。

会议主持员

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

这就结束了今天的电话会议。 您可以在此时断开线路。 感谢您的参与。

问答环节

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