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Profit almost doubles at Stein Mart in Q2, will open 21 stores
Jacksonville, Fla. — Profit almost doubled at Stein Mart Inc. during the second quarter of fiscal 2015. Stein Mart reported net income of $4.1 million, up 58% from $1.7 million the prior year quarter.
A slow pace of growth in cost of merchandise sold and essentially flat selling, general and administrative (SG&A) expenses helped drive strong profit growth. Net sales rose 4% to $311.58 million from $298.16 million.
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Gas grills and fertilizer propel True Value sales
True Value's transformation strategy seems to be resonating with shoppers, as the hardware cooperative posted an increase in revenue and sales growth.
The company reported gross billings of $573.6 million for the quarter ended July 4, up 1% from the same period a year ago. Revenue was $431.9 million, an increase of 0.6% or $2.4 million. The cooperative posted a quarterly net margin of $9.3 million.
