Daily Record Financial News &
Monday, March 14, 2016
Vol. 103, No. 086 • Two Sections
35¢ www.jaxdailyrecord.com
Stein Mart hopes for better 2016
Fashion retailer’s 2015 earnings finish below forecast Stein Mart Inc. last week reported disappointing fourthquarter earnings, but Chairman and CEO Jay Stein is optimistic future trends will work in his company’s favor. The Jacksonville-based fashion retailer’s adjusted earnings of 17 cents a share for the fourth quarter ended Jan. 30 were 15 cents lower than the previous year and 4 cents lower than the average forecast of analysts, according to Thomson Financial.
Stein said in the company’s conference call with analysts that fourth-quarter results were impacted by trends that affected other apparel retailers. “Traffic and sales were below what we planned as they were impacted by unseasonably warm weather and lower apparel spending,” he said. “Our earnings were obviously impacted by the lower sales and a more promotional environment. This resulted in elevated
post-holiday seasonal inventories which required more markdowns to properly value our fall merchandise heading into spring,” he said. Stein wasn’t actually in the company’s office during the
Thursday conference call because he was visiting some of the five new Stein Mart stores that opened that day, bringing the total number of stores in the chain to 283. The company’s store growth and other factors have Stein optimistic about better results this year. “We’ll continue to believe that our initiatives of store unit expansion enhanced by brand penetration, a credit card program and Basch continued on Page A-7
Stein
Attorneys unsure of alimony legislation Bill also changes child-custody rules
Special to the Daily Record
By Max Marbut Staff Writer
Four gunshots pierced the windshield of an undercover detective’s car Wednesday morning after he made a traffic stop on the Westside. The officer was hit three times. His 14-year-old son was in the car with him, but was not injured.
Hectic week of emotions
Officer shooting, murder arrest and council wins for Williams By Marilyn Young Editor In a span of two minutes Wednesday morning, Jacksonville Sheriff Mike Williams got two calls that can devastate a city. The first was from Undersheriff Pat Ivey about a workplace shooting at B&L Landscape Co. on the Southside. He didn’t have details because the shooting was happening at that very moment. The second call came almost immediately afterward. A sergeant was giving Williams a heads-up that he thought an officer had been shot on the Westside. Two minutes. Two calls. Two tragedies. And that was just one day in a week that saw a gamut of highs and lows for the department and its leader. The day before the shootings, the
Public
agency had scored victories at City Council. Most prominent was getting an extra $500,000 for overtime sought after 14 people died in January homicides, including 22-monthold Aiden McClendon. The day after the shootings, Williams announced two arrests in Aiden’s murder. One was a 16-year-old gang member who the sheriff said was one of two shooters that night. It was a hectic week, Williams said Friday in an obvious understatement. One that served as reminder of the dangers of being a police officer, the community’s support for the agency and the work that lies ahead. It also was a week where the new sheriff found respite with his family, through exercise and by playing delivery man for a fistful of balloons and dozens of sweets. Williams continued on Page A-10
legal notices begin on page
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A revamping of divorce laws that amends alimony and child-custody policies was passed by the Legislature and is on its way to Gov. Rick Scott for his signature. Two local attorneys have doubts as to whether changes are needed and what consequences might result from the changes. Matthew Hunt with the Law Offices of John M. Phillips has since 2008 been representing clients in divorce court. He has mixed emotions about the changes. “I’m optimistic and hopeful that this may help streamline certain things,” he said. “But it might not work as intended.” Heather Quick, attorney and CEO of The Quick Law Group, doesn’t believe the Quick procedure needs to be changed. “The judges do a fine job with the system we have. The Legislature is taking over the judiciary,” she said. If the governor signs the bill, judges no longer will grant lifetime alimony payments and would have to order the amount and duration of alimony based on how long the couple was married and the difference in their income. The bill also includes a change regarding how much time children should spend with each divorced parent, a judge’s decision that also affects child-support payments. The current legislation does away with the presumption that children should spend time equally with both parents. Divorce
Sheriff Mike Williams carried in balloons and sweets that were donated by a woman after the officer was shot.
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