Gross Profit
Gross profit for the fourth quarter was $111.3 million or 30.9 percent of sales. Excluding the $10.0 million impact of the accounting estimate change, gross profit for the fourth quarter was $101.3 million or 28.1 percent of sales. This compares to $106.3 million or 28.8 percent of sales in 2012.
Stein Mart, Inc. announced financial results for the fourth quarter and fiscal year ended February 1, 2014. Highlights-Adjusted diluted earnings per #
The decrease in the adjusted gross profit rate was primarily the result of higher markdowns offset by higher markup. Markdown levels were slightly higher this year compared to last year when fourth quarter sales exceeded plan. Other items that lowered the fourth quarter gross profit rate this year were the positive impact of last year's 53rd week on 2012 results and this year's greater home division sales which have slightly lower margins.
Gross profit for the year was $367.4 million or 29.1 percent of sales. Excluding the $10.0 million accounting estimate change, gross profit for the year was $357.4 million or 28.3 percent of sales compared to $342.6 million or 27.8 percent of sales in 2012. The year's higher gross profit rate was primarily the result of higher markup.
Selling, general and administrative expenses
Selling, general and administrative ("SG&A") expenses for the fourth quarter were $100.6 million. Excluding the $15.0 million impact of the accounting estimate change , SG&A expenses for the fourth quarter were $85.6 million or 23.7 percent of sales compared to $89.1 million or 24.2 percent of sales in 2012.
SG&A expenses for the year were $326.5 million. Excluding the $15.0 million accounting estimate change, SG&A expenses were $311.5 million or 24.7 percent of sales compared to $306.4 million or 24.9 percent of sales in 2012.
The $5.1 million increase in 2013 SG&A expenses from 2012 is the result of items presented in the non-GAAP reconciliation table, higher compensation costs and higher depreciation expense, somewhat offset by lower healthcare costs due to favorable claims experience.
Stein Mart