Stein Mart to suspend quarterly dividends after Q1 income plummets

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Stein Mart Inc. is suspending quarterly dividends to reduce expenditures, the company said Wednesday. The move will allow the company to pay off its debt more quickly, it said, and comes after a quarter in which the Jacksonville-based retailer saw revenue decline by $18 million. Stein Mart CEO Hunt Hawkins said suspending the 7 1/2-cent quarterly dividends was a difficult choice, but necessary, as it will free up about $14 million annually to apply against debt. "We continue to experience softer-than-planned...

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