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Stein Mart’s Q3 beats street

11/19/2009

JACKSONVILLE, Fla. Stein Mart announced financial results for its third quarter and first nine months ended Oct. 31.

For the third quarter of 2009, the company's net earnings were $3.2 million or 7 cents per diluted share as compared with a net loss of $14.1 million or 34 cents per diluted share in 2008. Net sales decreased 9.6% to $270.2 million for third quarter 2009 from $298.8 million for third quarter 2008. Comparable-store sales for third quarter 2009 decreased 6.2% from the same period a year ago.

For the first nine months of 2009, the company's net earnings were $20.8 million or 47 cents per diluted share as compared to a net loss of $15.1 million or 37 cents per diluted share for the same 2008 period. Net sales decreased 8.9% to $877.3 million for the nine months ended Oct. 31 from $962.6 million for the same nine months in 2008. Comparable-store sales for the first nine months of the year decreased 6.3% from the 2008 period to the 2009 period.

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