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Ninth quarter of comparable sales growth at Stein Mart
25
Aug '14
By clocking a comparable store sales growth of 1.3 percent in the second fiscal quarter ending August 2, 2014, apparel retailer and NASDAQ-listed, Stein Mart Inc, posted ninth consecutive quarter of comparable store sales gains.

Despite, what CEO at Stein Mart – Jay Stein called a challenging environment, with weather impacting sales, revenue for the second quarter of 2014 rose 2.5 percent, from a year earlier to $298.2 million, while comparable store sales went up 1.3 percent.

Net income for the quarter ending August 2, 2014 fell 50 percent to $1.7 million or $0.04 per diluted share against $3.4 million or $0.08 per diluted share in the second fiscal quarter of 2013.

Stein Mart said second quarter of 2014 results include a $2.1 million higher healthcare charge and $0.6 million higher pre-opening costs, compared to last year's second quarter. These increases total to $1.6 million after tax or $0.04 per diluted share, the retailer added.

Selling, general and administrative (SG&A) expenses for the second quarter of 2014 reached $81.5 million, up from $77.6 million a year earlier.

Stein Mart reported cash at the end of the second quarter of 2014 at $53.1 million, compared to $48.1 million at the end of the second quarter of 2013. It said the 2014 balance reflects quarterly dividend payments totalling to $5.6 million, stock repurchases $2.8 million and capital expenditures of $22.3 million.

Inventories at the end of the second quarter of 2014 were $266.2 million, 6.2 percent higher than the $250.7 million at the end of the second quarter last year.

CEO Jay Stein said, "Despite a challenging environment with weather impacting sales, we have a number of important initiatives in place, key among these is our growth focus, as we open more new and relocated stores this fall and continue to build our ecommerce business.”.

In its outlook for the rest of the fiscal year, Stein Mart expects new stores sales to rise around 1.5 percent above its comparable store increases for the full year and continues to expect its full year gross profit rate to be slightly less than the 29.1 percent reported in 2013.

Stein Mart operated 265 stores at the end of the second quarter this year compared to 262 at the end of the second quarter last year. It expects to open six new stores, relocate four and close one, by the end of this fiscal year.

Fibre2fashion News Desk - India

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