Home / Knowledge / News / Apparel/Garments / Stein Mart comparable store Q2 FY'13 sales up 6.4%
Stein Mart comparable store Q2 FY'13 sales up 6.4%
23
Aug '13
Stein Mart, Inc. announced financial results for the second quarter ended August 3, 2013.

Overview of Results

Net income for the second quarter of 2013 was $3.4 million or $0.08 per diluted share compared to net income of $2.3 million or $0.05 per diluted share in 2012. Second quarter 2012 adjusted net income was $1.0 million or $0.02 per diluted share.

For the first six months of 2013, net income was $18.1 million or $0.41 per diluted share compared to $13.1 million or $0.30 per diluted share in the same period in 2012. First half 2012 adjusted net income was $11.8 million or $0.27 per diluted share.

EBITDA for the second quarter was $12.8 million compared to $9.4 million ($7.3 million as adjusted - see Note 2) in 2012. EBITDA for the first six months of 2013 was $44.0 million compared to $33.5 million ($31.4 million as adjusted) in 2012.

Comments on Results

"Our second quarter same store sales increase of 6.4 percent was driven by our great merchandise, brands and pricing" said Jay Stein, Chief Executive Officer. "We've said for a long while that increases in sales and margin will leverage against our lean expense structure resulting in higher earnings growth. This is now happening."

Total sales for the second quarter of 2013 increased 3.8 percent to $291.0 million, while comparable store sales increased 6.4 percent. For the first six months of 2013, total sales increased 3.8 percent to $612.3 million, while comparable store sales increased 3.6 percent.

Gross profit for the second quarter increased to $80.3 million or 27.6 percent of sales from $73.8 million or 26.3 percent of sales in 2012. Gross profit for the first six months of 2013 increased $12.6 million to $178.3 million or 29.1 percent of sales from $165.7 million or 28.1 percent of sales in 2012. The increase in the gross profit rate was primarily the result of lower markdowns and slightly higher markup.

Selling, general and administrative ("SG&A") expenses for the second quarter were $74.5 million or 25.6 percent of sales compared to $70.0 million or 25.0 percent of sales in 2012. Second quarter 2012 adjusted SG&A expense was $72.1 million or 25.7 percent of sales.

The $2.4 million increase over 2012 adjusted SG&A expenses were primarily due to higher depreciation expense, higher compensation costs, including $0.8 million in incentive compensation paid based on our higher stock price, and $0.7 million of start-up costs for our e-commerce launch and supply chain transition. These increases were partially offset by lower healthcare costs, due to favorable claims experience, and slightly higher credit card program income.

For the first six months, SG&A expenses were $148.0 million or 24.2 percent of sales compared to $142.9 million or 24.2 percent of sales last year. Adjusted SG&A expenses for the first six months of 2012 were $145.0 million and 24.6 percent of sales.


Must ReadView All

EU agrees to set up new e-com rules to improve fairness

Apparel/Garments | On 23rd Feb 2019

EU agrees to set up new e-com rules to improve fairness

The European Parliament, the Council of the European Union and the...

Pic: rawpixel.com from Pexels

Textiles | On 23rd Feb 2019

China's textile & apparel exports up 9.2% in Jan 2019

Textile and apparel exports from China increased by 9.2 per cent in...

Pic: Artem Bali from Pexels

Apparel/Garments | On 23rd Feb 2019

Vietnam improves localisation ratio in textiles, garments

Though poor supporting industries have been traditionally considered...

Interviews View All

Akash Khetan, Narayan Tex Fab

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Vidhyaa Shankar. S, A Ganapathi Chettiar

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Krishnanand Tripathi, Textrade International Ltd

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Oliver Schmitz,

Oliver Schmitz

Germany-based Gmöhling is a leading manufacturer of aluminium containers...

Tom,

Tom

<div>Inkbank is a leading supplier of inkjet inks and inkjet printing...

Luciano Sardini,

Luciano Sardini

A consolidated reality in Italy and internationally, IMA Spa is well-known ...

Eric Scholler, Groz-Beckert

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

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


March 2019

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

news category


Related Categories:

Advanced Search