Stein Mart plans even more expansion in 2016

On the heels of announcing accelerated plans for expansion in the Northeast and Midwest, Stein Mart has reported impressive sales results for the second quarter.

The Florida-based off-price retailer reported net income of $4.1 million, up 58% from $1.7 million the prior year quarter. Sa,e store sales rose by 3%.Net sales rose 4% to $311.58 million from $298.16 million.

"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 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.

Stein Mart said it 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.