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

Textiles | On 27th Mar 2017

Himatsingka to disinvest 100% stake in Italian subsidiary

The board of directors at Indian home textiles manufacturer and...

Courtesy: Flipkart

Apparel/Garments | On 27th Mar 2017

Flipkart bags $1bn funding at lower valuation

In a new round of funding, Flipkart, one of India's biggest ecommerce ...

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Interviews View All

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Marten Alkhagen
Swerea IVF AB

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

Marcel Alberts
Eurofibers

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

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Yash P. Kotak
Bombay Hemp Company

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

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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
March 2017

March 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