Stein Mart’s Q3 beats street

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.