Home / Knowledge / News / Apparel/Garments / Stein Mart Q1'FY14 net income drop 4.1% to $14.1mn
Stein Mart Q1'FY14 net income drop 4.1% to $14.1mn
23
May '14
Stein Mart, Inc. announced financial results for the first quarter ended May 3, 2014.
 
Highlights
-Comparable store sales increased 2.6 percent.
-Adjusted diluted earnings per share of $0.32 compared to $0.33 in 2013.
-Adjusted EBITDA increased $0.8 million to $32.4 million
 
Overview of Results
Net income for the first quarter was $14.1 million or $0.31 per diluted share compared to net income of $14.7 million or $0.33 per diluted share in 2013. First quarter adjusted net income was $14.7 million or $0.32 per diluted share compared to adjusted net income of $14.6 million or $0.33 per diluted share in 2013.
 
Adjusted earnings before interest, income taxes, depreciation and amortization ("EBITDA") for the first quarter increased $0.8 million to $32.4 million, compared to adjusted EBITDA of $31.6 million in 2013.
 
Comments on Results 
"We are pleased with our operating performance thus far this year, which included a solid comp sales increase for the quarter once the weather improved," said Jay Stein, Chief Executive Officer. "Our planned growth investments in new stores and ecommerce, as well as the timing of our annual advertising spend, caused our earnings to be below last year. We continue to be excited about our growth opportunities as we open more stores and continue to produce solid same store sales results."
 
Sales
Comparable store sales for the first quarter of 2014 increased 2.6 percent over the first quarter ended May 4, 2013. Total sales for the first quarter were $328.9 million compared to $321.4 million for the first quarter of 2013.
 
Gross Profit
Gross profit for the first quarter of 2014 was $104.3 million or 31.7 percent of sales. Including the $3.0 million impact of the fourth quarter 2013 accounting estimate change, adjusted gross profit for the first quarter of 2013 would have been $100.9 million or 31.4 percent of sales.
 
Selling, General and Administrative Expenses
Selling, general and administrative ("SG&A") expenses for the first quarter of 2014 were $81.2 million. Including the $4.1 million impact of the fourth quarter 2013 accounting estimate change, SG&A expenses for the first quarter of 2013 would have been $77.7 million. The $3.5 million increase over adjusted 2013 SG&A expenses is primarily the result of higher advertising and store selling expenses. Advertising expense is higher in the first quarter this year primarily due to the addition of television to support our more extensive April dress event and increases to drive first quarter sales. Store selling is higher due to planned payroll increases and new and relocated stores.

Must ReadView All

Textiles | On 24th Sep 2016

GST Council sets exemption limit at Rs 20 lakh

The GST Council has decided to exempt businesses from the Goods and...

Apparel/Garments | On 24th Sep 2016

DGFT adds new service providers in EPCG scheme

Providing great relief to the job working units in garment clusters...

Apparel/Garments | On 24th Sep 2016

Niti Aayog kicks off Indian ecommerce policy review

A Niti Aayog committee set up for the purpose, held deliberations...

Interviews View All

Shawn Honeycutt
Bolger & O'Hearn

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

Ghanshyam Ghoghari
Kimora Fashion

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
September 2016

September 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search