Stein Mart succeeds in Q4; opening 11 stores

Jacksonville, Fla. – Stein Mart Inc. had a generally successful fourth quarter of fiscal 2014 and plans to open 11 new stores, close two stores and relocate one store during fiscal 2015. The off-price retailer reported net income of $12.3 million, up 66% from $7.4 million the same quarter a year earlier and driven by higher gross profit and lower selling, general and administrative (SG&A) expenses.



Net sales rose 7% to $387 million, from $360.79 million. Same-store sales increased 5.6%.



“Our solid second half sales performance, with a 23% increase in adjusted operating income was a great recovery from the first half, which was negatively influenced by severe weather," said Jay Stein, CEO. "Gross profit margin continues to be near our historically highest levels which, when combined with increasing sales, leverages our ongoing operating expenses and should result in strong future cash flows."



For the full fiscal year, net income rose 5% to $26.9 million from $25.55 million. Net sales climbed 5% to $1.32 billion from $1.26 billion. Same-store sales improved 3.3%.