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Stein Mart Inc declares Q2 & six-month results

18
Aug '05
Fashion merchandiser Stein Mart Inc announced financial results for its second quarter and first half ended July 30, 2005.

Second quarter results
For the second quarter of 2005, the Company earned $11.6 million or $0.26 per diluted share as compared to net income of $5.7 million or $0.13 per diluted share in the second quarter of 2004. Net sales for the second quarter were $337.1 million, a 5.1 percent increase over the $320.6 million in net sales for the second quarter of 2004. Comparable store sales increased 3.0 percent from the second quarter of 2004 to the second quarter of 2005.

Gross profit increased to $96.3 million, or 28.6 percent of net sales in the second quarter of 2005 compared to $83.9 million, or 26.2 percent of net sales in the same period of 2004. Gross profit was favorably impacted by improved mark-up and decreased markdowns. Selling, general and administrative (SG&A) expenses were $81.5 million or 24.2 percent of net sales as compared to $78.4 million or 24.5 percent of net sales during the prior year's second quarter. The improvement in the SG&A rate was due to better store expense productivity.

First half results
For the first six months of 2005, the Company earned $28.4 million or $0.64 per diluted share, as compared to $17.2 million or $0.40 per diluted share in the first half of 2004. Net sales for the first half of 2005 were $717.7 million, a 4.9 percent increase over the $684.2 million in net sales during the sameperiod last year.


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