Stein Mart growing footprint and sales

Stein Mart is not only growing its footprint but the off-price retailer is also growing same store sales as well.

Same-store sales rose 4.8% in the first quarter ended May 2.Net income fell 3% to $13.6 million from $14.1 million a year earlier, with higher loan interest expense a major contributor. Net sales increased 7% to $353.5 million, from $328.9 million.

"We are extremely pleased with our solid same-store sales increase for the quarter and the performance of our new stores," said Stein. "Our inventories are in great shape. As planned, our gross profit rate will improve as the year proceeds and our expenses will continue to leverage against our higher sales. This should be more evident beginning with our second quarter results."

The company ended the quarter with 270 stores compared to 263 at the end of the first quarter last year. During the quarter, one new store was opened and one was closed. Stein Mart is now expecting to open 10 new stores, close three stores and relocate one store in 2015. A new store planned in San Clemente, CA planned for fall 2015 has shifted to the first quarter of 2016. The additional closing is the result of a relocation planned for 2016 that is now closing in 2015 and reopening as a new store in 2017.