Stein Mart Hit With SEC Fine

Stein Mart Inc. will be paying an $800,000 penalty related to Securities and Exchange Commission charges that the Jacksonville, Fla.-based retailer improperly valued its inventory. When it would permanently reduce the prices it charged customers on some items, the retailer never reduced the value it reported for those items in inventory, the SEC said in a statement. This led to a misstatement of pre-tax income, the SEC said — including an overstatement of almost 30 percent in the first quarter of 2012.