Stein Mart declares quarterly dividend of $0.075/share

12 Dec '14

2 min read

US apparel retailer, Stein Mart, has announced that the Company’s Board of Directors has approved a quarterly dividend for holders of the Company’s common shares in the amount of $0.075 per common share. The dividend will be paid on January 16, 2015 to shareholders of record at the close of business on January 2, 2015.

According to reports, earnings in the third fiscal quarter ending November 1, 2014, 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.

Cash at the end of the third quarter of 2014 amounted to $64.9 million, more as compared to the amount of $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.

Stein Mart stores offer fashion merchandise, service and presentation of a better department or specialty store, at prices competitive with off-price retail chains. Stein Mart operated 268 stores in the third quarter this year, up from 264 in corresponding quarter last year. (GK)

Fibre2fashion News Desk - India

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