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

Maintain NAFTA trucking provisions: AAFA, US trade bodies

Apparel/Garments | On 22nd Nov 2017

Maintain NAFTA trucking provisions: AAFA, US trade bodies

The American Apparel & Footwear Association (AAFA) recently joined...

Vietnam’s textile & garment exports cross $24bn till Oct

Textiles | On 22nd Nov 2017

Vietnam’s textile & garment exports cross $24bn till Oct

Vietnam earned $24.372 billion from textile and garment exports in...

Karl Mayer unveils TMJ 4/1-T terry warp knitting machine

Textiles | On 22nd Nov 2017

Karl Mayer unveils TMJ 4/1-T terry warp knitting machine

Karl Mayer, a technology and market leader in textile machinery from...

Interviews View All

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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

November 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search