Stein Mart, Inc. announced financial results for the fourth quarter and fiscal year ended February 1, 2014.
-Adjusted diluted earnings per share of $0.73 compared to $0.52 in 2012.
-Comparable store sales increased 3.7 percent for the year; 3.1 percent for the fourth quarter.
-2014 store plans currently include 10 new and 6 relocated stores.
Overview of Results
Net income for the fourth quarter was $7.4 million or $0.16 per diluted share compared to net income of $13.5 million or $0.30 per diluted share in 2012. Fourth quarter adjusted net income was $13.1 million or $0.29 per diluted share compared to adjusted net income of $12.3 million or $0.28 per diluted share in 2012.
For the year, net income was $25.6 million or $0.57 per diluted share compared to $25.0 million or $0.57 per diluted share in 2012. Adjusted net income was $32.8 million or $0.73 per diluted share compared to adjusted net income of $22.9 million or $0.52 per diluted in 2012
Adjusted earnings before interest, income taxes, depreciation and amortization ("EBITDA") for the year increased $19.6 million to $80.3 million, compared to adjusted EBITDA of $60.7 million in 2012.
Comments on Results
"I am very pleased with our exceptional results this year. We improved our business in 2013 through a number of key initiatives, including enhancing our merchandise and brands, launching our online store, more effective marketing, taking our supply chain distribution centers in-house and growing our credit card program," said Jay Stein, Chief Executive Officer. "For 2014, we will continue to build upon these achievements, while initiating our most aggressive store opening plan in more than ten years with 16 new and relocated stores, to even better serve our customers and grow returns for our investors."
Comparable store sales for the 13-week fourth quarter ended February 1, 2014 increased 3.1 percent over the 13-week fourth quarter ended February 2, 2013. Note that last year's total sales include $15.8 million for the 53rd week. Total sales for the 13-week fourth quarter ended February 1, 2014 were $360.8 million compared to total sales for the 14-week fourth quarter ended February 2, 2013 of $368.6 million.
Comparable store sales for the 52-week year ended February 1, 2014 increased 3.7 percent over the 52-week year ended February 2, 2013. Total sales for the 52-week year ended February 1, 2014 were $1.26 billion compared to $1.23 billion for the 53-week year ended February 2, 2013.