Home / Knowledge / News / Apparel/Garments / Ninth quarter of comparable sales growth at Stein Mart
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

Must ReadView All

Courtesy: American Apparel

Apparel/Garments | On 25th Feb 2017

Gildan to make some American Apparel products outside US

Gildan Activewear, which recently acquired US fashion brand American...

Courtesy: Kolon Sport

Apparel/Garments | On 25th Feb 2017

Kolon Sport to set up JV with ANTA for Chinese market

Kolon Sport, an outdoor gear and clothing brand of Korea based Kolon...

Designer Karishma Jumani with Niraj Jawanjal, founder and director of IIFW. Courtesy: IIFW

Textiles | On 25th Feb 2017

IIFW to bring together premium lingerie brands

India Intimate fashion Week (IIFW), dedicated to showcasing the...

Interviews View All

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Marten Alkhagen
Swerea IVF AB

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

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Igor Chapurin
Chapurin

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

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search