Stein Mart Q2 profit jumps 48% on same-store sales

Jacksonville, Fla. -- Stein Mart Inc. reported that its second-quarter net income increased 48%, helped by higher same-store sales. The retailer also announced that the SEC is conducting an investigation related to Stein Mart's restatement of prior years' financial statements and its change in its auditors.



For the quarter ended Aug. 3, Stein Mart earned $3.4 million up from $2.3 million in the same quarter of 2012.



Revenue increased 4%, to $291 million from $280.4 million. Same-store sales rose 6.4%.



Analysts, on average, expected a profit of 8 cents per share on $295.5 million in revenue, according to FactSet.