Stein Mart to Restate Several Financial Reports

摘要

Based in part from a revision to how it had been accounting for markdowns and leasehold improvement costs, Stein Mart said it will restate its financials for fiscal years 2009, 2010 and 2011 as well as the first quarter of 2012. Quarterly earnings data for each of the three fiscal years also will be restated. "None of the adjustments necessary to correct any of the errors will impact reported cash balances currently," the company said in a statement.