Stein Mart reports 1Q earnings growth

JACKSONVILLE, Fla. For the first quarter of 2009, Stein Mart earned $16.1 million or 38 cents per diluted share as compared to $7 million or 17 cents per diluted share in 2008. As previously reported, net sales for the first quarter decreased 9.2% to $319.6 million from $352.1 million the previous year and comparable store sales decreased 8% from the first quarter of 2008.

"Despite a very difficult sales environment, first quarter earnings improved due to tightly controlled inventories that enhanced merchandise margins, and significant expense reductions; these initiatives produced a positive cash flow of $32 million and allowed us to end the period debt free," commented David Stovall, Jr., president and chief executive officer of Stein Mart. "While our conservative outlook regarding the macro environment persists, we believe our re-focused brand strategy and the new marketing initiatives are beginning to gain traction, and will be key to our long-term success."