Home / Knowledge / News / Fashion / Stein Mart reports Q1 financial results
Stein Mart reports Q1 financial results
23
May '08
Stein Mart Inc announced financial results for its first quarter ended May 3, 2008.

First quarter results:
For the first quarter of 2008, the Company earned $7.0 million or $0.17 per diluted share as compared to net income of $8.1 million or $0.18 per diluted share in 2007.

As previously reported, net sales for the first quarter decreased 6.4 percent to $352.1 million from $376.1 million the previous year and comparable store sales decreased 9.3 percent from the first quarter of 2007.

Gross profit decreased to $97.7 million or 27.8 percent of net sales from $104.9 million or 27.9 percent of net sales in the same period last year. The gross profit rate was essentially flat, with increased occupancy costs offset by improved markup and decreased markdowns.

Selling, general and administrative (SG&A) expenses were $91.5 million or 26.0 percent of net sales as compared to $97.4 million or 25.9 percent of net sales during the same period last year.

The SG&A rate was higher due to a lack of leverage on negative comparable store sales, but reflected a decrease of $5.9 million primarily from reduced advertising and corporate office expenses.

"Entering the period with lowered levels of inventory compared to last year and a focused expense discipline was instrumental in our first quarter performance, and we believe those efforts will continue to be critical as we move through the months ahead," noted president and chief executive officer Linda M. Farthing.


Must ReadView All

Courtesy: Pexels

Fashion | On 23rd Jun 2018

Nigerian bank launches N1 bn fund for fashion entrepreneur

Nigeria’s Bank of Industry has set aside 1 billion Naira (N) to...

Courtesy: Tayal

Textiles | On 23rd Jun 2018

Tayal textile factory in Algeria starts exports to Turkey

Algeria’s largest textile factory, the joint Algerian-Turkish company ...

Courtesy: Manhattan Beachwear

Fashion | On 23rd Jun 2018

Manhattan Beachwear in global partnership with BCBG Group

Manhattan Beachwear, the largest swimwear manufacturer in the US, has ...

Interviews View All

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

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...

Sanjukta Dutta
Sanjukta's Studio

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

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Mike Hoffman
Gildan Activewear SRL

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

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search