Stein Mart profit dips in Q1

Jacksonville, Fla. -- Stein Mart said Thursday that net income for the quarter ended April 28 slid 26% to $11.8 million, compared with $15.9 million in the same period last year.



Revenue was basically flat at $303.4 million, missing Wall Street’s expected $303.9 million in revenue, and same-store sales dipped 0.4%.



The company said it expects to open four new stores, relocate four stores and close four stores during the second half of 2012.