Stein Mart moves to Q2 profit on lowered expenses

New York City Stein Mart said Thursday it moved to a fiscal second-quarter profit because of lower operating expenses and higher margins.

For the quarter ended Aug. 1, the company earned $1.5 million, compared with a loss of $8 million in the same period last year.

Sales declined to $287.5 million from $311.6 million. Same-store sales fell 4.5%.

The company reduced its selling, general and administrative expenses to $74.2 million from $92.5 million.

"By keeping inventory and expenses tightly controlled, we were able to improve margins and profitability for both the quarter and the first six months, despite negative comparable store sales trends," said David H. Stovall, Jr., president and CEO.