Stein Mart swings to Q3 loss, plans 10-plus new stores

Jacksonville, Fla. – Increased selling, general and administrative (SG&A) expenses helped drive Stein Mart Inc. to a net loss of $1.2 million in the third quarter of fiscal 2014, compared to net income of $28,000 in the same quarter a year earlier. Despite this push into the red, Stein Mart plans to open open at least 10 new stores and relocate two stores in 2015, as well as close two stores.



Stein Mart’s spring plan, which is final, includes one new store and one closing store.



Total sales increased 4.5% to $303.7 million from $290.4 million, while same-store sales increased 3.1%. Stein Mart expects new stores to help produce increased net sales for fiscal 2014. Jay Stein, CEO, struck an optimistic tone for future performance.



"We are pleased with our third quarter 3.1% same-store sales increase, improved adjusted earnings and the sales boost from our 2014 new and relocated stores for the quarter," said Stein. "This was a great way to start our fall season, as we turn our attention to the very important fourth quarter."