News Column

BRIEF: Sales up, net income down at Stein Mart

May 22, 2014

By Roger Bull, The Florida Times-Union, Jacksonville



May 22--Stein Mart reported increased sales but a drop in net income for the first quarter of 2014.

The Jacksonville-based department store chain saw sales of $328.9 million for the quarter, which ended May 3, up from $321.4 million for the first quarter of 2013. Comparable store sales increased 2.6 percent from last year.

Net income was $14.1 million or 31 cents per diluted share compared to $14.7 million and 33 cents for the first quarter of last year. The company attributed the drop to money spent on growth and increased advertising.

Stein Mart ended the quarter with 263 stores compared to 262 at the same time last year. But it opened two ones last week, part of its plan to open 10 new stores this year.

Roger Bull: (904) 359-4296

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(c)2014 The Florida Times-Union (Jacksonville, Fla.)

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Source: Florida Times-Union (Jacksonville, FL)


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