Stein Mart to open 10 stores

Jacksonville, Fla. – Stein Mart Inc. reported drops in net income and sales during the fourth quarter of fiscal 2013, which it mainly attributed to the year-ago period having one extra week. The retailer remains optimistic as it plans to open 10 new stores and six relocated stores in fiscal 2014.

Fourth quarter net income dropped 42% to $7.4 million from $13.1 million compared to the same period in the prior year, while total sale declined 2% to $360.8 million from $368.6 million. In one bright note, same-store sales grew 3.1%.

Of Stein Mart’s 10 new stores, three stores will open in the spring, one in March and two in May. Seven stores will open in the fall, six in October and one in November. Two store closings were completed in February.

For the year, net income was $25.6 million, 2% higher than $25 million in the prior year. Total sales rose 2% to $1.26 billion, from $1.23 billion. Same-store sales increased 3.1%.

"I am very pleased with our exceptional results this year. We improved our business in 2013 through a number of key initiatives, including enhancing our merchandise and brands, launching our online store, more effective marketing, taking our supply chain distribution centers in-house and growing our credit card program," said Jay Stein, CEO. "For 2014, we will continue to build upon these achievements, while initiating our most aggressive store opening plan in more than 10 years with 16 new and relocated stores, to even better serve our customers and grow returns for our investors."

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