Stein Mart swings to profit in Q3

Jacksonville, Fla. Stein Mart announced Thursday a profit of $3.2 million for the quarter ended Oct. 31, compared with a loss of $14.1 million in the year-ago period.

Net sales decreased 9.6% to $270.2 million for third quarter 2009 from $298.8 million for third quarter 2008. Comp-store sales dropped 6.2%.

"Our bottom line continues to benefit from lowered overall inventory levels, less clearance, reduced markdowns and lowered expenses. Our challenge remains improving top line sales in a time when the customer appears determined to reduce her purchases," said David H. Stovall, Jr., president and CEO.

One new store opened and four stores were closed during the third quarter, resulting in 267 stores in operation at Oct. 31, as compared with 279 at the same time last year.