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Stein Mart delivers 4Q profits, but sales slide
JACKSONVILLE, Fla. -- Stein Mart announced that net income for the fourth quarter was $18.8 million or 42 cents per diluted share compared with net income of $2.7 million or 6 cents per diluted share in 2009. Excluding the impact of a favorably tax benefit, fourth-quarter net income increased to $14.6 million or 32 cents per diluted share compared with $8.7 million or 19 cents per diluted share in 2009.
For the year, net income was $48.8 million or $1.08 per diluted share compared to net income of $23.6 million or 54 cents per diluted share in 2009.