Home / Knowledge / News / Apparel/Garments / Stein Mart Q3FY15 earnings slip into black from red
Stein Mart Q3FY15 earnings slip into black from red
27
Nov '14
Earnings in the third fiscal quarter ended November 1, 2014 at US apparel retailer, Stein Mart slipped in to black from red in the year ago quarter.

Third quarter of 2014 adjusted net income totalled $0.9 million or $0.02 per diluted share compared to adjusted net loss of $0.3 million or $0.01 loss per diluted share in 2013.

Total sales for the reporting quarter rose 4.5 per cent from the prior year quarter to $303.7 million, while comparable store sales increased 3.1 per cent.

Driven by higher mark-up, but offset by higher occupancy costs led to adjusted gross profit reach $80.2 million or 27.6 per cent of sales in the quarter under review.

SG&A expenses totalled $86.3 million in third quarter of 2014 primarily due to planned payroll hikes, new and relocated stores and higher store closing charges coming from more store relocation activity.

The effective tax rate for the first nine months of 2014 was 39.1 per cent compared to 39.4 per cent in 2013.

Cash at the end of the third quarter of 2014 amounted was $64.9 million, up as against $59.5 million at the end of the third quarter of 2013.

According to the retailer, the rise in 2014 over 2013 is after dividend payments and stock repurchases, as well as capital expenditures and increased investment in inventories.

Inventories rose 4.3 per cent at end of third quarter of 2014 to $343.7 million from $329.7 million at end of prior year third quarter.

Stein Mart operated 268 stores in the third quarter this year, up from 264 in corresponding quarter last year.

“While our 2015 store plan is not complete, we currently plan to open at least ten new stores, relocate two stores and close two stores next year,” Stein Mart said.

Stein Mart anticipates that new stores will increase sales an estimated 2.5 per cent above its comparable store increases for the second half of the fiscal year.

It now expects its full year gross profit rate to be slightly higher than the 29.1 per cent reported in 2013.

Capital expenditures for 2014 are now expected to be approximately $41 million and effective tax rate is still expected to be around 39 per cent.

"We are pleased with our third quarter 3.1 per cent comparable sales increase, improved adjusted earnings and the sales boost from our 2014 new and relocated stores for the quarter," said CEO, Jay Stein.

"This was a great way to start our fall season, as we turn our attention to the very important fourth quarter," he added. (AR)

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 18th Feb 2017

Bangladesh apparel sector has 95% local investors: BGMEA

Over 95 per cent of the total investors in the Bangladesh apparel...

Textiles | On 18th Feb 2017

Smriti Irani resolves cutting of carpets issue at ports

During a meeting held with stake holders of the carpet weaving...

Apparel/Garments | On 18th Feb 2017

Andhra Pradesh inks MoUs to set up 12 apparel units

At the recent CII Partnership Summit held in Hyderabad, memorandum of ...

Interviews View All

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kerem Durdag
Biovation II LLC

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

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Prathyusha Garimella
Prathyusha Garimella

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

Sonam & Paras Modi
SVA

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

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