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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.


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