Stein Mart reports Q4 profit

Jacksonville, Fla. Stein Mart moved to a fiscal fourth-quarter profit on lower charges and reduced expenses as it reversed two years of losses.

Stein Mart earned $2.7 million for the period ended Jan. 30, compared with a loss of $56.2 million a year earlier.

Stein Mart managed to cut its selling, general and administrative expenses to $86.7 million from $117.2 million.

Quarterly sales declined 6% to $341.8 million, from $363.9 million.

Same-store sales fell 3.8%.

For the full year, Stein Mart reported a profit of $23.6 million compared with a loss of $71.3 million in the previous year.

"Rigorous focus on inventory levels and freshness, dedication to expense reduction and emphasis on cash generation all contributed to our profitability this year," President and CEO David H. Stovall Jr. said.

Annual revenue fell 8% to $1.22 billion from $1.33 billion, with same-store sales down 5.6%.

Stein Mart had 267 stores at the end of the year.