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SmartRent, Inc. provides smart communities and smart operations solutions for the rental housing industry through a platform that combines SaaS, IoT-enabled hardware, maintenance tools and leasing solutions. Company news commonly covers quarterly results, annual recurring revenue, units deployed, SaaS ARPU, hardware revenue comparisons, gross margin, Adjusted EBITDA, cash flow and liquidity.
Updates also address go-to-market expansion, including value-added reseller relationships for small and mid-market multifamily owners and operators, as well as technology leadership, product development, equity incentive grants and governance-related corporate actions.
Stein Mart reported a net loss of $(65.7) million or $(1.38) per share for Q1 2020, a sharp decline from a net income of $4.0 million or $0.08 per share in Q1 2019. The results were heavily impacted by COVID-19, leading to temporary store closures and a drop in net sales to $134.3 million from $314.2 million. The company faced challenges with liquidity, increasing debt by $44 million to $197.8 million. Omni sales increased by 17% year-over-year, but overall sales remain below expectations. Stein Mart has implemented measures to preserve liquidity amidst ongoing uncertainties.
Stein Mart plans to release its preliminary first quarter financial results on June 30, 2020, after U.S. markets close. A conference call with CEO Hunt Hawkins, President MaryAnne Morin, and CFO James Brown will follow at 4:30 p.m. EST to discuss the results and operations. Access the call by dialing 1-877-705-6003 or for international calls at 1-201-493-6725. A live webcast will be available on the company’s investor relations website, with a replay accessible until July 31, 2020. Stein Mart operates 281 stores across 30 states, providing designer and name-brand fashion at discount prices.
Stein Mart, Inc. (Nasdaq: SMRT) reported a significant 57% decrease in net sales for Q1 2020, totaling $134.3 million compared to $314.2 million in Q1 2019. This decline was largely due to the temporary store closures implemented on March 19 in response to the COVID-19 pandemic. As of now, 90% of stores have reopened with reduced hours, and omni sales increased 17% year-over-year. The company is actively managing cash flow and liquidity through various cost-cutting measures, including furloughs and renegotiations with vendors.
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