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.

Stein Mart plans to open nine new stores in the third quarter, as well as six new stores in spring 2016 and at least six new stores in fall 2016.

"We are very pleased with our strong second quarter earnings which were driven by leveraging our increased sales along with a higher gross profit rate," said Jay Stein, CEO. "We are looking forward to opening nine great stores this fall starting next month, including our first Long Island store in Commack."

Stein Mart expects same-store sales to increase 2.5% during the full fiscal year 2015 and almost 3% during the second half of the fiscal year.