Stein Mart makes a profit, but sales down

JACKSONVILLE, Fla. For the fourth quarter of 2009, Stein Mart reported net earnings of $2.7 million or 6 cents per diluted share compared with a net loss of $56.2 million or $1.35 per diluted share for the fourth quarter of 2008.

The company reported net income of $23.6 million or 54 cents per diluted share for its fiscal 2009 period compared with a net loss of 71.3 million or $1.72 per diluted share last year.

Sales for the fourth quarter of 2009 decreased 6.1% to $341.8 million from $363.9 million in 2008. Comparable-store sales decreased 3.8% from the fourth quarter of 2008 to the fourth quarter of 2009.  For the 52 weeks ended January 30, sales decreased 8.1% to $1.2 billion from $1.3 billion for the same 52 weeks ended last year. Comparable-store sales declined 5.6% from 2008 to 2009.

"We are proud to have reversed two years of losses and earned a significant profit in one of the most demanding years in our company's history," said David Stovall, Jr., president and CEO of Stein Mart.  "Rigorous focus on inventory levels and freshness, dedication to expense reduction and emphasis on cash generation all contributed to our profitability this year.  Our 13,000 associates were instrumental in the gains we made in 2009 and I want to thank them for their devotion and efforts."