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Stein Mart reports modest 1.5% rise in fiscal sales

17
Mar '06

Fashion retailer Stein Mart, Inc announced financial results for its fourth quarter and fiscal year ended January 28, 2006.

Fourth quarter results
For the fourth quarter of 2005, the Company earned $21.1 million or $0.48 per diluted share as compared to net income of $22.8 million or $0.53 per diluted share in 2004.

Net sales for the fourth quarter of 2005 were $427.4 million, down 4.0 percent from the $444.9 million in sales for the fourth quarter of 2004.

Comparable store sales decreased 4.4 percent from the fourth quarter of 2004 to the fourth quarter of 2005.

Fourth quarter 2005 results were positively impacted by $3.4 million pre-tax from a better-than- expected inventory shrinkage performance, insurance recovery of $1.9 million pre-tax for losses sustained during the 2005 hurricane season and a reduction in the effective tax rate.

A pre-tax charge of $1.8 million was recorded in the fourth quarter of 2005 for store closing and asset impairment expenses.

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Stein Mart stores offer the fashion merchandise, service and presentation of a better department or specialty store, at prices competitive with off- price retail chains.

Currently with locations from California to New York, Stein Mart's focused assortment of merchandise features moderate to designer brand-name apparel for women, men and young children, as well as accessories, gifts, linens and shoes.

Stein Mart Inc

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