Stein Mart Inc. posted improved quarterly results compared with year-ago figures.
This story first appeared in the November 22, 2013 issue of WWD. Subscribe Today.
For the third quarter just ended, the company reported net income of $28,000, or flat diluted earnings per share, against a net loss of $1.7 million, or 4 cents a share, a year ago. Net sales rose 6.1 percent to $290.5 million from $272.7 million, while comps rose 4.8 percent.
Jay Stein, chief executive officer, said that earnings continue to improve due to continued sales momentum. “We have been very focused on refining our brands, pricing and sales execution and the improvements are evident in our results,” he added.
The company has an e-commerce business that became operational about two months ago.
For the fourth quarter, the retailer said it expects it gross profit rate to be 100 basis points lower than last year’s fourth quarter, and that selling, general and administrative costs will rise due to higher store operating expenses as well as incentive compensation costs.